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US construction spending rises 0.8 percent in November

US construction spending rises 0.8 percent in November

WASHINGTON/January 03, 2018(AP)(STL.News)— U.S. builders spent 0.8 percent more on Construction projects in November, the fourth consecutive monthly gain.

November advance follows October’s revised 0.9 percent gain, the Commerce Department said Wednesday. The increase brought total Construction Spending for the month to a seasonally-adjusted annual rate of $1.26 trillion, 2.4 percent above the level from a year earlier.

The increase in spending by builders, along with a robust manufacturing report released separately Wednesday, underscores the solid momentum of the U.S. economy heading into the new year.

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. Construction of single-family homes rose 1.9 percent in November, offsetting a 1.3 percent drop in apartment building.

Non-residential construction rebounded 0.9 percent in November after declining four of the last five months, led by office building, which rose 5.5 percent.

Spending on transportation construction was up 3.7 percent, putting it 42.2 percent higher than a year ago, the largest advance by far by any sector.

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, which accounts for more than 90 percent of total government activity.

By Associated Press, published on STL.NEWS by St. Louis Media, LLC (TM)

The post US Construction Spending Rises 0.8 percent in November appeared first on STL.News - ST Louis Latest News Updates.

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US construction spending rises 0.8 percent in November


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