Private residential construction spending rose 1.02% in October, according to a Value of Construction Put in Place Survey released by the Commerce Department.
The Census Bureau reported Tuesday that spending on private residential construction rose to a seasonally adjusted annual rate of $399.0 billion, compared to a revised $395.0 billion in September, and $342.1 billion in 2014.
Total residential construction spending (including private and public), climbed to $405.6 billion from $401.7 billion last month.
The overall construction industry spent a total of about $1.11 trillion in October, compared to a revised $1.10 trillion from last month.
