Construction spending in the U.S. increased by more than expected in the month of November, the Commerce Department revealed in a report released on Tuesday.
The report said construction spending climbed by 0.9 percent to an annual rate of $1.182 trillion in November from the revised October estimate of $1.171 trillion. Spending had been expected to rise by 0.6 percent.
With the bigger than expected increase, construction spending rose to its highest annual rate since reaching $1.192 trillion in April of 2006.
The bigger than expected increase in construction spending was partly due to a jump in spending on private construction, which surged up by 1.0 percent to a rate of $892.8 billion.
Spending on residential construction jumped by 1.0 percent to a rate of $462.9 billion, while spending on non-residential construction climbed by 0.9 percent to a rate of $429.9 billion.
The report also said spending on public construction increased by 0.8 percent to a rate of $289.3 billion, reflecting growth in spending on both educational and highway construction.
The Commerce Department noted that total construction spending in November was up by 4.1 percent compared to the same month a year ago.
by RTT Staff Writer
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