Construction data suggests shutdown was a blip – MarketWatch, Dec. 2
It turns out that outlays for public projects such as highways and schools powered construction spending higher in October, the government data show.
Spending on U.S. construction projects rose 0.8% in October to a seasonally adjusted annual rate of $908.4 billion, the Commerce Department reported. That’s the fastest pace in more than four years.
Economists polled by MarketWatch had expected a 0.5% increase.
In October, public spending rose 3.9%, the biggest gain in nine years.
Outlays on government projects has been trending higher, economists said. While most of the action is at the state and local level, federal spending jumped 10.9% in October, during which the government was closed for 16 days. Overall construction spending in September was down 0.3%, the department said.
The government released two months of data due to delays caused by the shutdown.