Domestic spending on new construction rose in November, boosted by continued gains in residential housing and greater outlays for road and school construction, the government said Friday.
The Commerce Department said construction outlays rose a stronger-than-expected 0.3 percent to a $843.2 billion annual rate in the month. The pace of residential construction, at $421.1 billion, set a record, Commerce said.
November's surprise gain came on the heels of an upwardly revised October figure and may lead some economists to modestly boost their estimates for economic growth in the fourth quarter of 2002. October construction spending gained 1.0 percent, up from the previously reported 0.3 percent increase. ReutersLatest from Construction & Demolition Recycling
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