It was a strong month for construction starts in October, reversing a down month prior, according to Dodge Construction Network.
October's gain is a further sign that the construction sector continues to "weather the storm" of higher interest rates, Richard Branch, chief economist for Dodge Construction Network, said in prepared remarks.
Total construction starts rose 8% in October to a seasonally adjusted annual rate of $1.12 trillion; nonresidential building starts gained 9%; and nonbuilding starts rose 26%.
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