US construction spending rises 0.8 per cent in November
WASHINGTON — U.S. builders spent 0.8 per cent more on construction projects in November, the fourth consecutive monthly gain.
November advance follows October’s revised 0.9 per cent gain, the Commerce Department said Wednesday. The increase brought total construction spending for the month to a seasonally-adjusted annual rate of $1.26 trillion, 2.4 per cent above the level from a year earlier.
The increase in spending by builders, along with a robust manufacturing report released separately Wednesday, underscores the solid momentum of the U.S. economy heading into the new year.
The November increase was led by a solid advance in homebuilding, which rose 1 per cent from October as strength in single-family construction offset weakness in apartment building. Construction of single-family homes rose 1.9 per cent in November, offsetting a 1.3 per cent drop in apartment building.