U.S. construction spending increases solid 0.9% in November

WASHINGTON » Spending on U.S. construction projects increased 0.9% in November as strength in home building offset weakness in other parts of the construction industry. The November gain followed a bigger 1.6% rise in October and left construction spending up 4.4% through the first 11 months of 2020 compared to the same period in 2019, according to the Commerce Department. For November, spending on residential construction rose 2.7% with single-family construction surging 5.1 percent while apartment construction was flat, according to the new data released Monday. Record low mortgage rates have spurred strong demand for housing even as a global pandemic resulted in widespread lock downs for other parts of the economy.