Spending on U.S. construction projects was essentially unchanged in September, the weakest showing since June, as an increase in home construction was offset by a slide in spending on government projects. However, these gains were offset by a 0.9 percent drop in spending on government projects. The increase in residential construction featured an 8.7 percent jump in apartment construction, which offset a 0.8 percent drop in single-family homes. While overall construction was flat last month on a percentage basis, it did climb enough to push total spending to a record annual rate of $1.33 trillion. The 0.1 percent rise in private non-residential construction boosted that category to a record annual rate of $463.9 billion, thanks to gains in hotel construction and office building, which offset a drop in spending in the category that includes shopping centers.

Source: Fox News November 01, 2018 14:15 UTC