U.S. Construction Spending Rises to Record in November

U.S. construction spending rose 0.2 percent to a new record high in November, according to figures released by the Commerce Department on Jan. 3.

Construction spending increased to a seasonally adjusted annual rate of $1.146 trillion, up from a revised estimate of $1.144 trillion in October, according to the report.

Spending on public construction rose 0.3 percent to a record $253.9 billion rate. Educational construction was at $66.5 billion, a 1.3 percent increase from October, and highway construction was at $69.3 billion, a 1.6 percent jump from last month.

Private construction also increased at a rate of 0.2 percent to an $892.4 billion rate. Private residential construction spending fell $122 million, leaving the rate practically unchanged from October. However, private nonresidential construction saw a 0.6 percent increase.