US construction spending grows 0.8 per cent in October to highest level in 4 years

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In this Tuesday, Oct. 22, 2013, photo, heavy construction equipment is idle early in the morning at the site of the new Smithsonian African American History and Culture Museum in Washington. The government reports on U.S. construction spending in October on Monday, Dec. 2, 2013. (AP Photo/J. David Ake)

WASHINGTON – U.S. developers boosted construction spending in October at the fastest pace in more than four years, propelled by a surge in government buildings. The increase suggests the 16-day partial government shutdown didn’t slow public projects.

The Commerce Department says construction spending increased 0.8 per cent in October to a seasonally adjusted annual rate of $908.4 billion. That’s up from September, when spending fell 0.3 per cent.

The October pace was the best since May 2009. Spending has increased 5.3 per cent in the 12 months ending in October.

A 3.9 per cent surge in public buildings drove the October increase. But construction of private homes and commercial projects fell 0.5 per cent.

Both the October and September figures were released Monday, after reporting was delayed due to shutdown in October.

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