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US construction spending jumps 1.3% in October
U.S. construction spending jumped 1.3% in October, the fifth straight monthly increase, again on the strength of single-family home building. The October gain follows a strong upward revision to 0.5% in September, from a previous estimate of a 0.3% gain, the Commerce Department reported Tuesday. It’s the largest increase since a 2.8% jump in January, before the coronavirus pandemic all but shuttered the U.S. economy. Spending in October was stronger than economists had expected. Single-family home building has been a consistent bright spot for months as a lack of new homes has pushed builders to ramp up projects. ... (full story)