The U.S. Commerce Department released construction spending data on Tuesday. The U.S. construction spending rose 1.1% in October, exceeding expectations for a 0.6% gain, after a 0.1% decline in September. September's figure was revised up from a 0.4% drop.

The increase was driven by newly built homes and schools. Spending on single-family houses climbed 1.8% in October, while spending on public construction rose 2.3%.