clear
Tuesday September 18th, 2018 11:25PM

US construction spending hit record high in November

By The Associated Press
Related Articles
  Contact Editor

WASHINGTON (AP) — U.S. builders spent 0.8 percent more on construction projects in November, the fourth consecutive monthly gain.

November advance follows October's revised 0.9 percent gain, the Commerce Department said Wednesday. The increase brought total construction spending for the month to a seasonally-adjusted annual rate of $1.26 trillion, an all-time high.

Private construction spending, which was up 1 percent from last month, also hit an all-time high.

The increase in spending by builders, along with a robust manufacturing report released separately Wednesday, underscores the solid momentum of the U.S. economy heading into the new year.

The November increase was led by a solid advance in homebuilding, which rose 1 percent from October as strength in single-family construction offset weakness in apartment building. Construction of single-family homes rose 1.9 percent in November, offsetting a 1.3 percent drop in apartment building.

Non-residential construction rebounded 0.9 percent in November after declining four of the last five months, led by office building, which rose 5.5 percent.

Spending on transportation construction was up 3.7 percent, putting it 42.2 percent higher than a year ago, the largest advance by far by any sector.

Government construction posted a modest 0.2 percent increase after much bigger gains in the previous three months. Federal construction spending plunged 4.8 percent, the biggest drop in five months. That weakness was offset by a 0.7 percent rise in state and local construction, which accounts for more than 90 percent of total government activity.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Economy
© Copyright 2018 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Milwaukee Red Cross policy spurs discrimination allegations
The American Red Cross of Wisconsin is facing accusations of racism and favoring the wealthy because of a new volunteer policy in Milwaukee
11:30AM ( 5 minutes ago )
German commando who led mission that ended 1977 hijack dies
The commander of a German paramilitary unit that ended the hijacking of a plane by Palestinian militants in 1977 has died
11:16AM ( 19 minutes ago )
Opportunity in Utah: Mitt Romney eyes political resurgence
Eyeing a political resurgence, Mitt Romney sees opportunity to bring new moral conscience to GOP in Washington
11:12AM ( 24 minutes ago )
Associated Press (AP)
Stubborn partisan clashes face lawmakers as Congress returns
Lawmakers will be returning to some familiar partisan clashes as Congress begins its 2018 session
10:19AM ( 1 hour ago )
Auto sales, believed to have dropped in 2017, remain strong
U.S. auto sales, believed to have dropped in 2017, remain close to record highs
9:55AM ( 1 hour ago )
New EU rules aim to protect investors, strengthen markets
New regulations to protect investors, to improve market transparency and honesty, and prevent another financial crisis went into effect on Wednesday in Europe
9:44AM ( 1 hour ago )
AP Business
Pro-government rallies in Iran after days of protest, unrest
Iranian state media airing footage of pro-government demonstrations after week of protests, unrest over poor economy
9:17AM ( 2 hours ago )
New Year rally pushes global shares higher
Global shares gain as Europe tracks China-led advance in Asia
8:20AM ( 3 hours ago )
Palestinians outraged by Trump's 'blackmail' to cut funding
Palestinian officials denounce Trump's threat to cut funding to Palestinian Authority, call his tweets 'blackmail'
5:26AM ( 6 hours ago )
AP Business - Economy
Milwaukee Red Cross policy spurs discrimination allegations
The American Red Cross of Wisconsin is facing accusations of racism and favoring the wealthy because of a new volunteer policy in Milwaukee
11:30AM ( 5 minutes ago )
German commando who led mission that ended 1977 hijack dies
The commander of a German paramilitary unit that ended the hijacking of a plane by Palestinian militants in 1977 has died
11:16AM ( 19 minutes ago )
Opportunity in Utah: Mitt Romney eyes political resurgence
Eyeing a political resurgence, Mitt Romney sees opportunity to bring new moral conscience to GOP in Washington
11:12AM ( 24 minutes ago )
Kentucky lawmakers attending anti-harassment training
One day after the Kentucky House speaker temporarily ceded power in the aftermath of a secret sexual harassment settlement, he and his colleagues are headed off to mandatory training aimed at curbing the problem
11:07AM ( 28 minutes ago )
Gruden: There's 'good chance' he'll return as Raiders coach
Jon Gruden says he had a good talk with Oakland Raiders owner Mark Davis about returning to the organization for a second stint as coach and believes there is a "good chance" it will happen
11:07AM ( 29 minutes ago )