Construction Spending Rises 1.1%
Construction spending rose 1.1% in October, the Commerce Department reported Dec. 2.
The rise follows a 0.1% dip in September.
Single-family home construction increased 1.8%, and government construction spending increased 2.3%.
Building activity has been slowly improving for much of 2014, although its contribution to broader economic growth has been relatively modest, the Associated Press reported.
During the previous 12 months, spending on private residential construction has increased 1.9% to a rate of $353.8 billion. Builders are targeting wealthier buyers to boost profits, but that often means less construction to fuel economic growth, AP reported.
Construction spending can boost demand for trucking services because it increases the number of shipments of goods and building materials.
