WASHINGTON — Construction spending was up 1.2% to a seasonally adjusted estimated annual rate of $807.1 billion in November, the highest level since June 2010, when it was $810.4 billion, the Commerce Department said Tuesday.
The November rate was up from the revised October estimate of $797.4 billion and 0.5% above the November 2010 estimate of $803.0 billion.
Economists polled by Thomson Reuters had predicted a median 0.5% increase in the rate from October to November.
Spending on private construction was at a seasonally adjusted estimated rate of $522.3 billion in November, 1.0% above the revised October estimate of $517.3 billion. The November figure was the highest since December 2009, when it was estimated at $532.2 billion.
