U.S. Construction Spending Unexpectedly Increased in November

By Xavier Fontdegloria

Construction spending in the U.S. rose in November after falling the previous month as an increase in nonresidential construction more than offset falls in residential outlays.

Total construction spending rose 0.2% in November on month, according to data from the Commerce Department published Tuesday. In October, construction spending dropped by a revised 0.2%.

Economists polled by The Wall Street Journal expected construction spending to decrease 0.4%.

Spending on residential construction fell by 0.5% on month, highlighting the current woes in the housing market. Outlays on single-family projects declined 2.9%.

However, private nonresidential construction increased 0.9% on month, led by a sharp 14.6% jump in spending on conservation and development projects, the data showed.

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(END) Dow Jones Newswires

01-03-23 1029ET