US construction spending rises in November

Outlays on construction in the US grew by more than expected in November even as public sector spending and on residential construction fell.

According to the US Department of Commerce, in seasonally adjusted terms, private sector spending rose at a month-on-month pace of 0.2% to reach roughly $1.81trn (consensus: -0.4%).

In comparison to a year meanwhile, total construction spending was ahead by 8.5%.

Private sector spending was up by 0.3% on the month to approximately $1.43bn, within which residential construction spending shrank by 0.5% to $872.4bn. Non-residential construction on the other hand jumped by 1.7%.

Public sector spending dipped by 0.1% on the month to reach $381.1bn.

November's fall in total construction spend was revised up by a tenth of a percentage point to -0.2%.