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Construction News

01-03-2008

U.S. Construction Spending Hits Two-Month High

Robert Schroeder
MarketWatch

WASHINGTON (MarketWatch) -- Spending on U.S. construction projects hit a two-month high in November, rising by 0.1% on strong outlays for public, state and local construction projects, the Commerce Department reported Wednesday.

Spending on home construction, meanwhile, continued its slide, falling by 2.5% in November following a drop of 2.3% in October. It's the 21st consecutive decline.

The overall number was a surprise. Economists surveyed by MarketWatch had been expecting construction spending to fall by 0.5% in November.

On a year-over-year basis, however, construction spending is down by 0.1%.

Spending on state and local projects and also on overall public construction rose 2.5%, more than double their paces from a month earlier.

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