Construction spending increases 1.4% in October

U.S. construction/building spending in October increased by the largest amount in five months, thanks to a surge in housing. The Commerce Department reported an increase in October construction spending of 1.4%, the largest gain since May’s 1.7%. October’s spending raised overall spending to a seasonally adjusted annual rate of $872.1 billion. Despite the gains, construction spending nationwide remains only half what is considered healthy.