Private residential construction was at a rate of $243.7 billion in November, 2.0 percent above the revised October estimate of $238.9 billion, according to the U.S. Department of Commerce.
Overall private construction spending was at a seasonally adjusted annual rate of $522.3 billion, or 1.0 percent above the revised October estimate of $517.3 billion. This is the highest level since December 2009, according to Bloomberg.
Overall U.S. construction during November-including both private and public building-was at a rate of $807.1 billion, 1.2 percent above the revised October estimate of $797.4 billion. Bloomberg noted that this was the third time in four months that U.S. construction spending increased.
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