US construction spending rises 0.6 percent in September
WASHINGTON (AP) — The Commerce Department says U.S. construction spending rose 0.6 percent in September to the highest level since March 2008, pushed up by a surge in apartment building.
Spending on construction rose to a seasonally adjusted annual rate of $1.09 trillion. Construction of apartments and condominiums jumped 4.9 percent in September from August, while construction of single-family homes rose 1.3 percent. Overall, private residential construction rose to the highest level since January 2008.
Public construction grew more modestly — up 0.7 percent from August.
Homebuilding has been helping the economy. Commerce reported last week that private investment in housing grew at an annual pace of 6.1 percent from July through September — four times the 1.5 percent growth registered by the overall economy.