The Commerce Department announced on Monday that the U.S. construction
spending went up 0.4 percent m-o-m in November, following an upwardly revised
0.4 percent m-o-m gain (from +0.2 percent m-o-m) in October.
Economists had forecast construction spending to advance 0.6 percent
m-o-m in November.
According to the report, spending on private construction rose 0.6
percent m-o-m, driven by a 0.9 percent m-o-m climb in residential spending. In
addition, nonresidential spending was up 0.1 percent m-o-m.
Meanwhile, public construction outlays decreased 0.2 percent m-o-m, reflecting
a 0.1 percent m-o-m drop in nonresidential spending and a 2.8 percent m-o-m
plunge in residential spending.
On a y-o-y basis, construction spending soared 9.3 percent in November.