US construction spending hits highest level in 10 years
WASHINGTON - U.S. builders boosted spending on construction projects for a second straight month in November, pushing activity to the highest level in more than a decade.
The Commerce Department says construction spending rose 0.9 percent in November after a 0.6 percent increase in October. The increase reflected solid gains in home construction, nonresidential building and government construction activity.
The gains in all three categories pushed total construction to a seasonally adjusted annual rate of $1.18 trillion, the highest point since April 2006 when the housing boom of the past decade pushed up building activity.
Economists believe construction will continue to show gains in 2017, reflecting a strong job market with unemployment at the lowest point in nine years.