Construction spending rose in November as companies and the government continued to ramp up projects across the U.S.
Spending on construction projects rose 0.4% in November to $2.04 trillion, the Commerce Department reported Tuesday.
The figure fell short of expectations on Wall Street. Economists were expecting construction spending to rise 0.6% in November.
But construction spending was up every month in 2023 as of November.
Construction spending reveals how much the government and private companies spend on projects including housing and highways. The more the U.S. spends on construction, the higher the level of economic activity.
The government revised spending on construction in October to 1.2% from an initial read of a 0.6% increase.
Over the past year, construction spending is up 11.3%.
In terms of residential real estate, private residential construction rose 1.1% in November, with single-family construction rising 2.9% and multi-family construction rising 0.1%.
Spending on public residential construction fell by 2.2%.
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