Financial News: U.S. Construction Spending Unexpectedly Flat In November

U.S. Construction Spending Unexpectedly Flat In November

(RTTNews) - With an uptick by spending on private construction offset by a dip in spending on public construction, the Commerce Department released a report on Thursday showing U.S. construction spending was virtually unchanged in the month of November.

The Commerce Department construction spending crept up by less than a tenth of a percent to an annual rate of $2.153 trillion in November after climbing by 0.5 percent to a revised rate of $2.152 trillion in October.

Economists had expected construction spending to rise by 0.3 percent compared to the 0.4 percent increase originally reported for the previous month.

The report said spending on private construction inched up by 0.1 percent to an annual rate of $1.651 trillion in November from a revised rate of $1.650 trillion in October.

Spending on residential construction edged up by 0.1 percent to an annual rate of $906.2 billion, while spending on non-residential construction was virtually unchanged at $744.5 billion.

Meanwhile, the Commerce Department said spending on public construction slipped by 0.1 percent to an annual rate of $501.9 billion in November from a revised rate of $502.5 billion in October.

Spending on educational construction dipped by 0.2 percent to an annual rate of $107.0 billion, while spending on highway construction rose by 0.2 percent to an annual rate of $142.9 billion.

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