US: Construction Spending Rose Less Than Expected in September

US construction spending rose less than expected in September, as a drop in spending on public projects overshadowed some of the private sector investment gains.

The US Commerce Department said on Monday that spending on construction increased 0.3% in September. The ministry revised down data for August to show spending rose 0.8% from 1.4% in its previous report.

Economists polled by Reuters had expected construction spending in the world’s largest economy to rise 1% in September. On an annual basis, spending on construction rose 1.5%.

Spending on private construction projects increased 0.9%, while spending on projects decreased 1.7% in September.