Construction Spending Rises 1% in November
Construction spending rose 1% in November to the highest pace in more than four years, the Commerce Department reported Jan. 2.
The increase brought spending to an annual $934.4 billion annual rate, the fastest since March 2009. Spending increased 0.9% in October, the Associated Press reported.
Public spending declined 1.7% in November, and federal spending fell 3.7%, AP reported. Government construction spending was 29.4% of November’s total.
Home construction increased 1.9%, and private nonresidential construction rose 2.7%.
Construction spending can boost demand for trucking services because it increases the number of shipments of goods and building materials.
