US Construction Spending Rose 0.8 Percent in November
MATT OTT, Associated Press
WASHINGTON (AP) — U.S. builders spent 0.8 percent more on construction projects in November. It was the fourth consecutive monthly gain and provides evidence that construction should continue to support economic growth.
The Commerce Department says that the November advance follows October's revised 0.9 percent gain.
The November increase was led by a solid advance in homebuilding, which rose 1 percent from October as strength in single-family construction offset weakness in apartment building.
Non-residential construction rebounded 0.9 percent in November after declining four of the last five months.
Government construction posted a modest 0.2 percent increase after much bigger gains in the previous three months. Federal construction spending plunged 4.8 percent, the biggest drop in five months. That weakness was offset by a 0.7 percent rise in state and local construction.
Copyright 2018 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.