2024.01.0214:57:00UTC+00U.S. Construction Spending Climbs Slightly Less Than Expected In November

A report released by the Commerce Department on Tuesday showed construction spending in the U.S. rose by slightly less than expected in November, although the report also showed a significant upward revision to the increase in spending in October.

The Commerce Department said construction spending climbed by 0.4 percent to an annual rate of $2.050 trillion in November after surging by 1.2 percent to an upwardly revised rate of $2.043 trillion in October.

Economists had expected construction spending to rise by 0.5 percent compared to the 0.6 percent increase originally reported for the previous month.

The report said spending on private construction grew by 0.7 percent to an annual rate of $1.595 trillion, as spending on residential construction jumped by 1.1 percent to a rate of $896.8 billion and spending on non-residential construction edged up by 0.2 percent to a rate of $698.2 billion.

Meanwhile, the Commerce Department said spending on public construction slid by 0.7 percent to an annual rate of $455.1 billion.

Spending on educational construction fell by 0.3 percent to an annual rate of $99.2 billion, while spending on highway construction crept up by 0.1 percent to a rate of $135.8 billion.