U.S. construction spending rose in September due to increased government outlays, the Commerce Department said Wednesday.
Construction spending increased 0.3 percent to 1.22 trillion U.S. dollars. The growth rate in August was revised down to 0.1 percent from the previously reported 0.5 percent.
The September gain was led by public-sector spending, which jumped 2.6 percent. Investment on private construction projects fell 0.4 percent, marking the third straight monthly decline.
The U.S. economy grew at a three-percent annual rate in the third quarter, while the residential construction was down for the second straight quarter. With the low level of unemployment and strong economic growth, economists expect the sale and construction would rebound in the future.
Construction spending increased 0.3 percent to 1.22 trillion U.S. dollars. The growth rate in August was revised down to 0.1 percent from the previously reported 0.5 percent.
The September gain was led by public-sector spending, which jumped 2.6 percent. Investment on private construction projects fell 0.4 percent, marking the third straight monthly decline.
The U.S. economy grew at a three-percent annual rate in the third quarter, while the residential construction was down for the second straight quarter. With the low level of unemployment and strong economic growth, economists expect the sale and construction would rebound in the future.
Latest comments