WASHINGTON — U.S. developers boosted construction spending in October at the fastest pace in more than four years, propelled by a surge in government buildings. The increase suggests the 16-day partial government shutdown didn't slow public projects.
The Commerce Department says construction spending increased 0.8% in October to a seasonally adjusted annual rate of $908.4 billion. That's up from September, when spending fell 0.3%.
The October pace was the best since May 2009. Spending has increased 5.3 percent in the 12 months ending in October.
A 3.9% surge in public buildings drove the October increase. But construction of private homes and commercial projects fell 0.5%.
Both the October and September figures were released Monday, after reporting was delayed due to shutdown in October.