Construction Spending Up Third Straight Month

Washington, DC, Jan. 3, 2011 -- Construction spending rose for a third consecutive month in November, helped by an increase in housing and a record level for spending on federal building projects, according to the Commerce Department.

The government said construction spending increased 0.4% in November following gains of 0.7% in October and 1.2% in September.

Building activity is still 33.2% below the all-time high hit in March 2006, when spending was being driven by a record boom in housing.