U.S. builders boosted spending on new construction projects in the month of October by 1.4 percent, led primarily by new homes, the Associated Press reports:
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.
Still, even with the gain, the level of spending remains only about half of what’s considered healthy.
Housing construction jumped 3 percent in October. Nonresidential construction rose 0.3 percent. The government said Superstorm Sandy, which hit in late October, had only a minimal impact on the figures.
