New Summary: US construction spending rises

Updated at: 12/03/2012 3:05 PM
By The Associated Press

SPENDING RISES: U.S. builders increased their spending on construction projects 1.4 percent in October, the biggest increase since May.

HOMES DRIVE GAINS: Spending on housing construction jumped 3 percent to drive the overall gain. Spending for non-residential projects, such as hotels and shopping centers, rose only 0.3 percent, while government projects increased 0.8 percent.

OUTLOOK: Construction spending climbed to an annual rate of $872.1 billion in October, nearly 17 percent above its low hit in February 2011. But even with the gain, it remains at just half the level considered healthy.

(Copyright 2012 by The Associated Press. All Rights Reserved.)