Washington, December 2--Construction spending was unexpectedly flat in October, but still at a record high, as gains in public spending offset a decline in residential construction, a government report said Wednesday.
Construction put in place in October edged up to a $1.01 trillion annual rate, $349 million above a downwardly revised $1.01 trillion pace in September, the Commerce Department said.
Economists were expecting a 0.7 percent gain.
Overall residential construction slipped 0.3 percent as private residential construction dipped 0.3 percent, the second monthly drop in a row. The pace of private spending on residential construction is still 10.9 percent greater than in the same month a year ago.
Public construction rose 1.2 percent on jumps in spending on highways, offices and health care facilities. It was the largest monthly increase since April.
Private nonresidential construction spending, often seen as an indicator of business confidence, slipped 0.4 percent on drops in commercial and office construction.
