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Private sector construction projects have raised spending in the industry to its highest level in five years, the Commerce Department told Reuters Thursday.
Lucia Mutikani writes the one percent annual rate increase brought construction spending to $934.4 billion despite the drop in federal, state and local government projects.
Spending for private construction projects rose 2.2 percent in November, marking the eighth consecutive month that the construction spending rate has improved, the report said.
Mutikani writes expenditure for private residences peaked in November, with the last highest level set back in June 2008, while nonresidential builds such as gas pipelines and factories achieved an 11th consecutive month high.
For public construction projects, the rate has fallen 1.8 percent due to the decline of government initiatives, Reuters reports.
