Government reveals spending rose to a 5 yr high in November
Construction spending in the United States rose to its highest level in nearly five years in November, the government there has said.
According to a report released by the Department of Commerce yesterday, outlays for construction projects in November rose by 1% to a seasonally adjusted annual rate of $934.41bn (£567bn), driven largely by private sector spending.
Private non-residential construction spending rose 2.7% that month to $313.87 bn (£314bn), its highest level in 11 months, while private spending on residential construction rose 1.9% in November to $345.53 bn (£210bn), the highest level since June 2008.
A separate report from the Commerce department last month revealed that November housing starts were at a near six-year high.