November Construction Spending Rises

In an unexpected turn from the 0.5% decline economists expected, overall construction spending rose by 0.1% in November. Lead by a 2.5% increase in spending on state and local projects and overall public construction. This was more than double their paces from October. Home construction spending marked its 21st consecutive month of decline falling 2.5% following an October drop of 2.3%. Year-over-year construction spending is down 0.1%. Census Bureau Release available here.