US construction spending hits high
US builders boosted spending on construction projects for a second straight month in November, pushing activity to the highest level in more than a decade.
Construction spending rose 0.9 percent in November after a 0.6 percent increase in October, the Commerce Department reported . The increase reflected solid gains in home construction, nonresidential building and government construction activity.
Financial markets sent stock prices to record highs following the election of Donald Trump, reflecting in part enthusiasm over his vows to increase spending on projects to repair and replace the country’s aging infrastructure.
For November, the 1 percent rise in residential construction reflected a 1.8 percent rise in single-family construction which offset a 2.7 percent drop in the smaller and more volatile apartment construction sector.
The 1 percent rise in nonresidential construction followed a 1.6 percent decline in October. The gains in November were led by 7 percent jump in hotel and motel construction.
The 0.8 percent advance in government projects reflected a 3.1 percent rise in spending at the federal level and a 0.6 percent increase in construction by state and local governments.