Business

US construction spending up again, rises 0.3% in September

Posted November 02, 2020 6:00 am

By MATT OTT

SILVER SPRING, Md. (AP) - U.S. construction spending rose 0.3% in September, the fourth straight monthly gain after a coronavirus-caused spring swoon.

The Commerce Department reported Monday that the September gain followed followed a revised gain of 1.3% in August. Spending on residential construction was strong yet again, with single-family home projects jumping 5.7%. Demand for single-family homes remains strong as buyers rush to the market pushed by historically low interest rates under 3%.

Total residential construction was up 2.7%, while government construction spending fell 1.7%.

Spending on non-residential private construction fell by 1.5%.

During the first nine months of 2020, construction spending is up 4.1% over the same period last year.

FILE - In this Dec. 3, 2019, file photo, workers erect a building under construction in Philadelphia. U.S. construction spending fell again in June 2020, the fourth straight decline as the coronavirus outbreak continues to wreak havoc on the economy. (AP Photo/Matt Rourke, File) The Associated Press

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