WASHINGTON–Construction spending exceeded forecasts for November, hitting its highest level in 10.5 years.
According to the Commerce Department, construction spending increased 0.9% to $1.18 trillion, the highest level since April 2006.
Commerce said spending on private construction projects increased 1% in November to its highest level since July 2006, as single-family home buildings, as well as spending on home renovations, increased. Federal government construction spending was up a strong 3.1%.
Investment in private nonresidential structures, which include factories, hospitals and roads, increased 0.9% after tumbling 1.5% the prior month.
Public construction spending gained 0.8% in November to the highest level since March, the Commerce Department further reported It was the fourth straight month of increases. Outlays on state and local government construction projects rose 0.6%, also gaining for a fourth consecutive month, Commerce said.