Construction spending climbed 1% month-over-month in November. This beat expectations for a 0.6% monthly rise.
Construction spending hit the highest levels since 2009.
On an annual basis, construction spending was up 5.9%.
Meanwhile, October’s reading was revised up to show a 0.9% monthly rise.
A breakdown showed that total residential spending was up 1.7% on the month and 16% on the year.
Private residential spending was up 1.9% on the month and 16.6% on the year. Meanwhile, public residential construction was down a whopping 6.4% on the month and 13.4% on the year.
Homebuilder confidence surged to 58 in December but economists are expecting home prices to cool going forward.
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