Washington, DC, Jan. 2, 2014 -- U.S. construction spending in November was near a five-year high, according to the Commerce Department.
A surge in private construction projects drove the increase as public spending declined.
Construction spending increased 1% to an annual rate of $934.4 billion, the highest level since March 2009. It was the eighth straight monthly increase.
Economists expected a gain of 0.6% in November.
Private construction rose 2.2% to hit its highest level since December 2008.
The increase resulted from strong gains in spending on both residential and nonresidential projects.