U.S. construction spending up again, rises 0.3% in September

Associated Press
Monday, Nov. 2, 2020 10:58 a.m. | Monday, Nov. 2, 2020 10:58 a.m.

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In this 2019 photo, workers erect a building in Philadelphia.

U.S. construction spending rose 0.3% in September, the fourth straight monthly gain after a coronavirus-caused spring swoon.

The Commerce Department reported Monday that the September gain followed followed a revised gain of 1.3% in August. Spending on residential construction was strong yet again, with single-family home projects jumping 5.7%. Demand for single-family homes remains strong as buyers rush to the market pushed by historically low interest rates under 3%.

Total residential construction was up 2.7%, while government construction spending fell 1.7%.

Spending on non-residential private construction fell by 1.5%.

During the first nine months of 2020, construction spending is up 4.1% over the same period last year.