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November Construction Spending Hits All-Time High
The construction sector hit a record level of spending in November, according to a report from the Commerce Department. U.S. builders spent 0.8% more on construction projects than they had in October, the fourth straight monthly gain. When coupled with a robust manufacturing report, construction spending in November underscores the strength and momentum of the U.S. economy heading into 2018.
Total monthly construction spending reached a seasonally-adjusted annual rate of $1.26 trillion, an all-time high. Private construction spending ticked up 1% from the previous month, also a record.
A solid advance in homebuilding, up 1% from October, was led by strong single-family construction, which helped offset weakness in apartment building. Single-family home construction rose 1.9% in November, while apartment building dropped 1.3%. Non-residential construction recorded a 0.9% increase in November, reversing declines experienced in four of the last five months. Office building led the way with a 5.5% increase.
Construction spending in the transportation sector was up 3.7%, a jump of 42.2% from a year ago, which was the largest advance by far by any sector.
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- ◦Economy
