Construction spending increased 1% in November to a seasonally adjusted annual rate of $934 billion, according to a Commerce Department report (link opens as PDF) released today. This is the highest level of spending since March 2009.
After bumping up a revised 0.9% for October, analysts' 1% growth expectations proved spot-on.
November's increase was pushed ahead by private construction, up 2.2% to a seasonally adjusted annual rate of $659 billion. Residential construction increased 1.9%, while nonresidential construction spending added on a strong 2.7%.
Private construction's gain was enough to offset a 1.8% decrease in public construction to a seasonally adjusted annual rate of $275 million.
With one month left to go for reports, overall construction spending for 2013 is up 5% compared to the same period in 2012.
-- Material from The Associated Press was used in this report.
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