US construction spending unexpectedly rebounded in September, as a surge in non-residential infrastructure investment offset a larger decline in outlays for single-family housing.
The Commerce Department said construction spending rose 0.2% in September, after falling 0.6% in August.
Economists polled by Reuters had forecast construction spending to decline 0.5 percent. In the year-on-year comparison, the data marked a jump of 10.9% year-on-year in the ninth month of the year.
Spending on private construction projects rose 0.4% after a 0.7% decline in August. But investment in residential construction was unchanged, with spending on single-family projects falling 2.6 percent.
Outlays on multi-family housing projects increased 0.3 percent.
The real estate market has been the sector most affected by the aggressive increases in interest rates by the Federal Reserve. The US central bank has been tightening its monetary policy to curb overall demand in the economy.
The 30-year fixed mortgage rate averaged 7.08% last week and topped 7.0% for the first time since April 2002, according to data from mortgage finance agency Freddie Mac.
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