US construction spending rises for ninth month in a row

US construction spending increased for the ninth straight month in September, according to figures released on Wednesday by the Commerce Department.

Spending rose by 0.4% to $1,996.5bn in September, matching August's revised 0.4% increase to $1,988.3bn.

The level was in line with consensus forecasts, with September's figure standing 8.7% higher than the same month in 2022.

Private construction spending was up 0.4% at $1,555.9bn, as residential spending rose 0.6% and non-residential spending increased by 0.1%.

Public construction spending was also 0.4% higher at $440.6bn, with educational construction spending jumping 1.9% and highway construction spending rising 0.2%.