The Commerce Department announced on Tuesday that construction spending climbed 1.3 percent m-o-m in October after a revised 0.5 percent m-o-m drop in September (originally a 0.3 percent m-o-m gain). This was the largest monthly advance in construction spending since January.

Economists had forecast construction spending increasing 0.8 percent m-o-m in October.

According to the report, spending on private construction rose 1.4 percent m-o-m, while investment in public construction increased 1.0 percent m-o-m.