U.S. construction spending increased more than expected in October amid strong gains in single-family homebuilding, but data for the prior month was revised lower.
The Commerce Department said on Friday that construction spending rose 0.6%. Data for September was revised down to show construction spending climbing 0.2% instead of 0.4% as previously reported. Economists polled by Reuters had forecast construction spending climbing 0.4%.
Construction spending accelerated 10.7% on a year-on-year basis in October.