Construction Spending Up Third Straight Month

Washington, DC, Dec. 1, 2011 -- Construction spending rose in October for new homes, offices and shopping centers, according to the Commerce Department.

It marked the third straight monthly increase, although spending still remained at a depressed level.

Construction spending rose 0.8% in October to a seasonally adjusted annual rate of $798.5 billion.

That's about half the $1.5 trillion that economists consider healthy.

Builders broke ground on new homes and apartments at a seasonally adjusted annual rate of 628,000 in October.