WASHINGTON (December 3, 2012)--U.S. builders increased their spending on construction projects in October by the largest amount in five months, led by a surge in housing, the U.S. Commerce Department said Monday.
The Commerce Department said construction spending rose 1.4 percent in October, the largest gain since a 1.7 percent increase in May.
The increase increased construction spending to a seasonally adjusted annual rate of $872.1 billion,, which is nearly 17 percent higher than a 12-year low hit in February 2011.
Still, even with the gain, the level of spending remains only about half of what's considered healthy.
Housing construction jumped 3 percent in October.
Nonresidential construction rose 0.3 percent.
The government said Superstorm Sandy, which hit in late October, had only a minimal impact on the figures.
Viewers with disabilities can get assistance accessing this station's FCC Public Inspection File by contacting the station with the information listed below. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, 888-835-5322 (TTY), or firstname.lastname@example.org.