Construction spending edged up a slight 0.3 percent in October, with non-residential building such as school and hospital construction boosting the gain.
Residential construction, which has fared much better than other sectors in recent months, rose only 0.1 percent in October. Residential construction posted a 0.7 percent gain in September.
Nonresidential building, on the other hand, rose 1 percent in October, led by a 10 percent leap in spending on educational buildings and a 2.2 percent increase in hospital construction.
The Commerce Department reported Monday the overall October gain brought construction spending to a seasonally adjusted annual rate of $834.6 billion. The 0.3 percent gain matched September’s modest increase. Construction spending dropped 1 percent in August.
Government spending has been strong most of the year, but fell 0.3 percent in October, spurred by a 3.8 percent decline in highway construction.
