Led by residential, school and road building, construction spending rose a stronger-than-expected 0.3 percent in November, the Commerce Department reported Friday.
Construction spending grew to an $843.2 billion annual rate, while residential construction – at $421.1 billion – set a record of 1.069 million units. In addition to those gains, October’s 0.3 percent increase was revised to a 1 percent increase.
Commercial construction is still being held back by uncertain economic conditions, but public construction rose 1.5 percent in November to an annual pace of $207.9 billion. Spending for educational facilities, roads and highways led the increase.
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