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 reported 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.
Residential construction was $243.7 billion in November, 2.0% above the revised rate of $238.9 billion for October and the highest since June 2011 when it was $243.9 billion. Nonresidential construction was $278.6 billion, nearly the same as the revised October estimate of $278.5 billion.
Public construction spending was $284.9 billion, 1.7% above the revised October estimate of $280.1 billion.
