U.S. construction spending rose more than expected in November and builders also spent more in earlier months than previously estimated, a sign the housing sector was giving some support to economic growth.
The Commerce Department said on Friday that construction spending increased 0.6% in November, beating analysts’ consensus forecast of a 0.3% gain.
Data for October and September was revised to show increases in spending, a reversal from previous estimates of contractions in spending during those months.
The gain in November was driven by a 1.9% increase in private home-building, an indication the Federal Reserve’s interest rate cuts last year, which drove mortgage rates lower, were boosting the economy.
News Source – Reuters.
Link – https://in.reuters.com/article/usa-economy-construction/u-s-construction-spending-rises-boosted-by-housing-sector-idINKBN1Z21JQ