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Bryan Mitchell | Bloomberg | Getty Images
A SkyTrak telehandler holds building materials aloft at a residential housing construction site on Scotten Avenue in Southwest Detroit, Tuesday, Nov. 18, 2014.
September's construction outlays were revised up to show only a 0.1 percent drop instead of the previously reported 0.4 percent fall. Economists polled by Reuters had forecast construction spending rising 0.6 percent in October.
The upbeat construction data suggests some momentum in the economy early in the fourth quarter. Weak durable goods orders data has raised concerns of a sharp moderation in the pace of growth in the final three months of the year.
The economy grew at a 3.9 percent annual pace in the third quarter.
Read More Big investors pull back on housing
In October, private construction spending increased 0.6 percent, with outlays on residential projects recording their biggest rise since December of last year. Residential spending was boosted by increases in both single and multi-family homes as well as renovations.
Spending on public construction projects increased 2.3 percent in October, buoyed by a 19.3 percent surge in federal government outlays, the largest such increase since October of 2006.
State and local government investment increased 0.9 percent after two straight months of declines.
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Construction spending logs biggest gain in 5 months
$1.8 million TIF for apartments, height bonus for 15-story tower
By Mitchell Schmidt, The Gazette
December 3, 2014 | 8:06 am
IOWA CITY The Iowa City Council has given the green light to provide financial aid to a local developers plans for a Riverside Drive apartment complex and has approved the requested height bonus for a proposed 15-story tower.
The council approved Tuesday $1.8 million in tax increment financing rebates to Emrico Properties to help fund a $16.1 million apartment building on the former site of Hartwig Motors, 629 S. Riverside Drive, in the citys Riverfront Crossings district.
While the vote was unanimous in favor of the nine-year rebate, Mayor Matt Hayek said he was initially hesitant of the resolution.
"I will be a very reluctant supporter of this," Hayek said. "The thing that gets me over the boundary, the ledge, to be able to support this is the catalyst factor."
The four-story, U-shaped building would include a mix of studio, one- and two-bedroom apartments and eight three-bedroom apartments. Twelve of the 96 units in the building will be geared toward workforce housing and 71 parking stalls will be included beneath the building with parking for another 105 vehicles behind the complex.
Stressing sustainability, the building proposes solar panels on the roof and recycling centers on each floor.
City staff estimate the sites property value to increase from about $50,000 per year to about $320,000 annually with the building.
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Iowa City Council approves requests from two developments
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The Ayrshire Entrepreneur's West Coast Capital business has bought shares in ONZO in a move that provided a big vote of confidence in the prospects for the firm.
Details of the investment were not disclosed. However, it is understood that West Coast made a multi-million pound investment in the funding round.
The investment will fund a major expansion at ONZO, which West Coast believes can play an important part in efforts to reduce energy consumption and associated emissions.
ONZO supplies products that let power firms and their customers draw on the huge amounts of information gathered by smart meters and the like to help find ways of reducing energy usage.
The technology can tell how much power individual items such as washing machines use. Power firms can use the information to help change demand patterns and to boost customer loyalty.
The company includes Scottish Hydroelectric owner SSE among its clients.
The investment reflects Sir Tom's belief that there will be massive demand for technologies like those developed by London-based ONZO to harness the power of analytical software and the internet.
A spokesman for the serial entrepreneur said: "Big data and analytics is a space we like as it drives efficiency; if you like if information is the oil, analytics is the engine. With ONZO we see a transformative software that benefits the power companies on the one hand and consumer on the other; it's a win win."
He said ONZO operates in a global market worth billions.
West Coast Capital recently made what is believed to have been another multi-million pound investment in a Silicon Valley based retail software business Order Dynamics, which also operates in the data analytics space.
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Sir Tom Hunter invests in Onzo
