Economic Report: Construction spending has solid gain in November led by residential building


Outlays for construction projects rose 0.4% in November at a seasonally adjusted annual rate of $1.63 trillion, the Commerce Department reported Monday. Economists polled by The Wall Street Journal had expected a 0.7% increase.

Spending in October was revised up to a 0.4% gain from the prior estimate of a 0.2% rise.

Over the past year, construction spending is up 9.3%.

Residential construction rose 0.9% in November and is up 16% over the past year.

Spending on public construction projects fell 0.2% and is down 0.9% over the past 12 months.

Non-residential construction was up flat last month and is up 3.4% over the past year. Office construction is down 32.1% over the past 12 months.

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