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US construction spending hits highest level in 10 years

6 years 10 months 3 weeks ago Tuesday, January 03 2017 Jan 3, 2017 January 03, 2017 11:41 AM January 03, 2017 in News
Source: Associated Press

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.

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