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Construction On Road To Recovery
Construction spending in the U.S. rose in November for a third time in four months, says the Commerce Department. Building outlays increased 1.2 percent, exceeding the estimate of 0.5 percent by economists. Recent gains in the housing market, spurred in part by mortgage rates near record lows, are helping the construction industry recover from the 18-month recession that ended in June 2009. Public expenditures also climbed during the month, a sign that budget constraints may be easing. Private construction spending climbed one percent in November from the prior month to $522 billion, the highest level since December 2009. Home building outlays increased two percent, including a 2.6 percent gain in home improvement.
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