US construction spending picks up speed in November

US construction spending picked up in November, reaching the highest level since April 2006 -- well before the onset of the financial crisis, the Commerce Department reported Tuesday. The 0.9 percent increase in total construction spending compared to October was driven by solid gains in private and public building projects, and jumped to an annual rate of $1.18 trillion, adjusted for seasonal factors. November's better-than-expected increase and October's upward revision to construction spending could prompt economists to raise their gross domestic product estimates for the fourth quarter.Spending on private construction projects jumped 1.0 percent in November to its highest level since July 2006 as single-family home building, as well as home renovations, increased.Investment in private nonresidential structures — which include factories, hospitals and roads — rose 0.9 percent after tumbling 1.5 percent the prior month.Public construction spending gained 0.8 percent in November to the highest level since March. WASHINGTON (AP) – U.S. builders boosted spending on construction projects for a second straight month in November, pushing activity to the highest level in more than a decade.
The U.S. Commerce Department announces that construction spending increased 0.9 percent to $1.18 trillion in November 2016, the highest level since April 2006.