Construction spending in the U.S. increased by more than expected in the month of November, according to a report released by the Commerce Department on Friday.
The report said construction spending climbed by 0.6 percent to an annual rate of $1.324 trillion in November after inching up by 0.1 percent to an upwardly revised $1.317 trillion in October.
Economists had expected construction spending to rise by 0.3 percent compared to the 0.8 percent slump originally reported for the previous month.
The Commerce Department said spending on private construction rose by 0.4 percent to an annual rate of $985.5 billion in November.
The increase in private construction spending came as spending on residential construction jumped by 1.9 percent to $536.1 billion, more than offsetting a 1.2 percent nosedive in spending on non-residential construction to $449.4 billion.
Spending on public construction also climbed by 0.9 percent to an annual rate of $338.6 billion in November, partly reflecting a 2.2 percent spike in spending on highway construction.
Compared to the same month a year ago, total construction spending in November was up by 4.1 percent, as spending on private construction increased by 1.6 percent and spending on public construction spiked by 12.4 percent.
The material has been provided by InstaForex Company – www.instaforex.com