Arkansas Democrat-Gazette

Constructi­on spending hits record

November’s rise 4th in row; private outlays also at a high

- MATT OTT

WASHINGTON — U.S. builders spent 0.8 percent more on constructi­on projects in November, the fourth consecutiv­e monthly gain.

November’s advance follows October’s revised 0.9 percent gain, the Commerce Department said Wednesday. The increase brought total constructi­on spending for the month to a seasonally adjusted annual rate of $1.26 trillion, an all-time high.

Private constructi­on spending, which was up 1 percent from October, also hit an all-time high.

The increase in spending by builders, along with a robust manufactur­ing report released separately Wednesday, underscore­s the solid momentum of the U.S. economy heading into the new year.

The November increase was led by a solid advance in home building, which rose 1 percent from October as strength in single-family constructi­on offset weakness in apartment building.

Constructi­on of singlefami­ly homes rose 1.9 percent in November, offsetting a 1.3 percent drop in apartment building.

Nonresiden­tial constructi­on rebounded 0.9 percent in November after declinDomi­nion

ing four of the previous five months, led by office building, which rose 5.5 percent.

Spending on transporta­tion constructi­on was up 3.7 percent, putting it 42.2 percent higher than a year ago, the largest advance by far by any sector.

Government constructi­on posted a modest 0.2 percent increase after much bigger gains in the previous three months. Federal constructi­on spending plunged 4.8 percent, the biggest drop in five months.

That weakness was offset by a 0.7 percent rise in state and local constructi­on, which accounts for more than 90 percent of total government activity.

 ?? AP ?? Workers build an apartment and retail complex in Nashville, Tenn., in October. The Commerce Department said Wednesday that private constructi­on spending was up 1 percent in November.
AP Workers build an apartment and retail complex in Nashville, Tenn., in October. The Commerce Department said Wednesday that private constructi­on spending was up 1 percent in November.

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