US construction spending jumps 1.3% in October

U.S. construction spending jumped 1.3% in October for the fifth straight month, again on the strength of single-family home building

SILVER SPRING, Md. — U.S. construction spending jumped 1.3% in October, the fifth straight monthly increase, again on the strength of single-family home building.

The Commerce Department reported Tuesday that the October gain follows a strong upward revision of 0.5% in September. Private residential construction projects rose 2.9% with single-family home building up 5.6%.

Spending on government construction projects increased 1%.

During the first ten months of 2020, construction spending is up 4.3% over the same period last year.