Construction spending in the US unexpectedly fell in October

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Construction spending in the United States fell by 0.1% in October, repeating the rate of decline in September, the data of the country's Department of Commerce showed. The main reason for the fall was the decrease in expenditures on private projects by 0.4% from the previous month. This was a surprise for economists, who had predicted an increase in spending by 0.4%. Private housing expenses fell by 0.5% to a minimum since November 2017. Compared with October last year, construction costs increased by 4.9%. Reduced investment in housing was observed in the United States for nine months of the year. At the same time, in October, there was an increase in spending on public construction projects, an increase relative to September was 0.8%. In October, spending on state and local projects also increased - by 0.5%, as well as federal spending on construction - by 3.7%.

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