The trend up in construction was led by road-building contracts. They took a hefty jump of 47% over October last year. For the first ten months, road contracts were 15.5% ahead of 1959.
Most of the rise can be attributed to a loosening of purse strings in the federal road-building program. Washington has allowed states to take all the grants in this three-month quarter that they would normally get in six months, pumping an extra $718 million into the economy this year. (The cost is divided 90% federal, 10% state on interstate highways, fifty-fifty on other roads.) Most states have...
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