Construction Spending Rises in November

Washington, DC, Jan. 3, 2012 -- Construction spending in the U.S. rose in November for a third time in four months, according to the Commerce Department.

Construction spending increased 1.2%, exceeding economists' estimates.

The October reading was revised down to show a 0.2% drop from a previously projected 0.8% increase.

Recent gains in the housing market are helping the construction industry recover.

Public construction spending also increased 1.7% during the month.

Private construction spending climbed 1% in November from the prior month to $522 billion, the highest level since December 2009.

Homebuilding increased 2%, including a 2.6% gain in remodeling. Expenditures on single-family and multifamily housing also improved.