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The U.S. Commerce Department released construction spending data on Tuesday. Construction spending in the U.S. rose 1.0% in October, exceeding expectations for a 0.5% gain, after a 0.6% increase in September.
The increase was mainly driven by a rise in private construction, which was up 0.8% in October.
Spending on private residential construction climbed 1.0% in October.
Spending on private non-residential construction projects increased 0.6% in October, while public construction spending increased 1.4%.
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