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U.S. Construction Spending Rises in September

Despite a rather lackluster housing market, spending on U.S. construction during September actually increased 0.5% from the revised August estimate of $1.287 trillion, according to the U.S. Census Bureau.

Low interest rates and higher homebuilder confidence were the driving factors for this increase.

According to the National Association of Home Builders and Wells Fargo, the Housing Market Index, which measures current sales conditions, rose from 73 to 75 points, while buyer traffic came in at 50 points.

“Low interest rates and solid demand continue to fuel builders’ sentiments even as they continue to grapple with ongoing supply-side challenges that hinder housing affordability , including a shortage of lots and labor,” NAHB Chairman Greg Ugalde said.

Most regions in the U.S. saw an uptick in spending while the Midwest held steady.

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