Dive summary:
- Federal figures for construction spending in October blessed all sectors with at least month-over-month increases, even the long-lamented public sector, which rose 0.8% from September, analysis from Associated General Contractors showed.
- Residential again led the way, with single-family coming in at 29% above the year before, multifamily up 53% since October 2011 and renovations up 8.9% over the 12 months.
- Total construction spending was at an annualized rate of $872 billion, which is the highest it has been since September 2009.
From the release:
"Widespread gains in spending in October, along with hefty upward revisions to estimates for the previous two months, show that construction has finally come out of its long slump," said Ken Simonson, the association's chief economist. ...
