U.S. construction spending rose to its highest level in nearly 4-1/2 years in October as a rebound in public construction projects offset in drop in private outlays.
Construction spending increased 0.8 percent to an annual rate of $908.4 billion, the highest level since May 2009, the Commerce Department said on Monday. Economists polled by Reuters had expected an increase of 0.4 percent.
Construction spending fell 0.3 percent in September. The release of the September report was delayed by a 16-day partial shutdown of the government in October. Construction spending in August was revised to show a 0.1 percent rise instead of the previously reported 0.6 percent increase.
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