Construction spending hits 4-1/2 year high in October

Construction spending in October hit its highest level in 4-1/2 years due to an increase in public construction projects.

An increased number of public construction projects helped construction spending rise in October to its highest level in 4-1/2 years. Spending rose 0.8% to an annual rate of $908.4 billion, the highest level its reached since May 2009. 

The rise in construction spending is attributed to the 3.9% increase in public construction projects, the most its risen since March 2004. State and local government projects contributed to the rise with an increase of 3.2%, which experts suggest indicates a potential improvement in government finances.

Federal government projects rose 10.9% in October, also contributing to the overall rise in construction spending. 

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