Building Spending Grew In November
Led by the biggest increase in private residential and commercial outlays in eight months, construction spending grew in November for the fourth straight month despite higher interest rates.
The Commerce Department said Wednesday that total spending rose 0.7 percent to $522.7 billion at a seasonally adjusted annual rate. A 1.9 percent advance in private outlays offset a 2.7 percent decline in government expenditures.
It was the largest gain in private spending since a 2.7 percent advance last March, and the biggest drop in public construction since a 6.1 percent plunge last January.