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Last Update: 03-Jan-12 11:00 ET
Construction Spending Rebounds in November Following Unexpected Decline in October
Construction spending increased 1.2% in November, well above the 0.5% increase expected by the Briefing.com consensus. That gain, however, came after November's construction growth rate was revised down from +0.8% to -0.2%.
Private construction spending increased 1.0% in November, up from 0.7% in October.
Like last month, the gain in private construction came primarily from a 2.0% increase in residential construction spending. Nonresidential construction spending was flat in November.
New residential structures spending increased 1.5% in November. Home improvement spending, which increased 4.4% in October, rose 2.6% in November.
Public construction spending increased 1.7% in November and offset most of the 1.8% October decline.
Private construction spending increased 1.0% in November, up from 0.7% in October.
Like last month, the gain in private construction came primarily from a 2.0% increase in residential construction spending. Nonresidential construction spending was flat in November.
New residential structures spending increased 1.5% in November. Home improvement spending, which increased 4.4% in October, rose 2.6% in November.
Public construction spending increased 1.7% in November and offset most of the 1.8% October decline.
