U.S. Construction Spending Beats Analyst Expectations
Construction spending was up 0.8% in November, slightly above the expected 0.7% gain, mainly due to the 1.0% gain in private construction spending, data released by the Commerce Department Wednesday morning showed.
Public construction spending saw a soft 0.2% gain in November following a 3.5% and 2.5% increase in October and September, respectively.
Analysts had expected construction spending to rise 0.7%, adding to a 1.4% rise in October. With the latest data, October construction was revised down to a 0.9% increase, but September spending was revised sharply up to a 1.3% increase from the 0.3% rise previously reported.