Construction Spending Slips Slightly in October

Construction spending in the United States fell 0.1 percent in October compared with September, its third straight monthly decline, according to the U.S. Commerce Department. Spending reached a peak of $1.32 trillion in May.

Nevertheless, construction spending in October was 4.9 percent higher than October 2017, and for the year to date, it’s 5.1 percent higher than during the same period last year.

Homebuilding fell 0.5 percent in October, and nonresidential construction declined 0.3 percent, but government spending was up 0.8 percent.

Sources: U.S. Commerce Department, U.S. Census Bureau, Federal Reserve Bank of St. Louis