Primarily showing a jump in costs on personal building, the Commerce Department launched a report on Wednesday showing a bigger than anticipated increase in U.S. building and construction spending in the month of November.
The Commerce Department said construction costs climbed up by 0.8 percent to an annual rate of $1.257 trillion in November from a modified $1.247 trillion in October. Economists had expected spending to rise by 0.5 percent.
With the regular monthly increase, building and construction spending in November was up by 2.4 percent compared with the exact same month a year ago.
The larger than anticipated regular monthly boost came as spending on private building rose up by 1.0 percent to an annual rate of $964.3 billion in November from $955.1 billion in October.
Spending on residential building jumped by 1.0 percent to a rate of $530.8 billion, while spending on non-residential building climbed by 0.9 percent to a rate of $433.5 billion.
The report likewise stated costs on public building and construction edged up by 0.2 percent to an annual rate of $292.7 billion in November from $292.0 billion in October.
While costs on educational building soared by 3.8 percent to a rate of $78.8 billion, spending on highway construction fell by 0.8 percent to a rate of $88.0 billion.
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