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Financial News: U.S. Construction Spending Climbs 0.8% In November, More

U.S. Construction Spending Climbs 0.8% In November, More Than Expected

02/01/2019 - 11:21:00 (RTTNews)

(RTTNews) - Construction spending in the U.S. increased by much more than expected in the month of November, according to a report released by the Commerce Department on Friday.

The report said construction spending climbed by 0.8 percent to an annual rate of $1.300 trillion in November after inching up by 0.1 percent to a revised $1.290 trillion in October.

Economists had expected construction spending to rise by 0.2 percent compared to the 0.1 percent drop originally reported for the previous month.

The bigger than expected increase came as spending on private construction surged up by 1.3 percent to a rate of $993.4 billion in November after falling by 0.3 percent to a rate of $980.4 billion in October.

Spending on residential construction spiked by 3.5 percent to a rate of $542.5 billion, more than offsetting a 1.2 percent slump in spending on non-residential construction to a rate of $450.8 billion.

On the other hand, the report said spending on public construction tumbled by 0.9 percent to a rate of $306.5 billion in November after jumping by 1.5 percent to a rate of $309.3 billion in October.

Spending on educational construction plunged by 2.0 percent to a rate of $76.7 billion, while spending on highway construction surged up by 1.7 percent to a rate of $93.4 billion.

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