WASHINGTON - U.S. construction spending rose in November at the strongest pace in more than four years, driven by solid gains in home construction and commercial projects.
The Commerce Department says
construction spending increased 1 percent in November to a seasonally adjusted
annual rate of $934.4 billion. That's the fastest rate since March 2009 and a
slight improvement on the 0.9 percent gain in October.
Residential construction rose 1.9
percent in November, after falling in October. Homebuilding last exceeded the
November pace shortly before the 2008 financial crisis. Spending on
single-family homes has increased 18.4 percent year over year, while spending
on apartment buildings is up 36.3 percent during the same period.
Commercial projects also increased 2.7
percent in November, while government construction spending fell 1.8 percent
after strong gains in October.