U.S. construction spending rose in November at the strongest pace in more than four years, driven by solid gains in home construction and commercial projects.
The Commerce Department says construction spending increased 1 percent in November to a seasonally adjusted annual rate of $934.4 billion. That's the fastest rate since March 2009 and a slight improvement on the 0.9 percent gain in October.
Residential construction rose 1.9 percent in November, after falling in October. Homebuilding last exceeded the November pace shortly before the 2008 financial crisis. Spending on single-family homes has increased 18.4 percent year over year, while spending on apartment buildings is up 36.3 percent during the same period.
Commercial projects also increased 2.7 percent in November, while government construction spending fell 1.8 percent after strong gains in October.