WASHINGTON (AP) — Construction spending jumped in November as builders spent more on single-family homes, apartments and remodeling projects.
The Commerce Department says spending on construction projects rose 1.2 percent in November following a revised 0.2 percent drop in October. The increase was the third in four months and the largest since a 2.2 percent rise in August.
The November increase pushed spending to a seasonally adjusted annual rate of $807.1 billion, still barely half the $1.5 trillion that economists consider healthy. Analysts say it could be four years before construction returns to health levels.
For November, strength was seen in housing and government spending. Nonresidential construction fell, reflecting declines in construction of office buildings and shopping centers.