U.S. builders boost spending 1.4 percent in October
WASHINGTON – U.S. builders increased their spending on construction projects in October by the largest amount in five months, led by a surge in housing.
The Commerce Department said Monday that construction spending rose 1.4 percent in October. It was the largest gain since a 1.7 percent increase in May.
The increase increased construction spending to a seasonally adjusted annual rate of $872.1 billion. That is nearly 17 percent higher than a 12-year low hit in February 2011.
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