U.S. Construction Spending Up 1 Percent, Near Five-Year High

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U.S. construction spending increased by the fastest rate in four years, according to data released by the Commerce Department.

Construction spending increased 1 percent in November to a seasonally adjusted annual rate of $934.4 billion, the fastest rate since March 2009. The figure was 5.9 percent higher than the estimate of November 2012 of $882.7 billion. 

During the first 11 months of 2013, construction spending totaled $828.4 billion, increasing five percent from the same time period in 2012. 

Residential construction reached a seasonally adjusted annual rate of $345.5 billion in November, increasing 1.9 percent from the revised October estimate of $339.2 billion. 

Last month the Census Bureau reported a five-year high for housing starts in November.

That complimented data from the National Home Builders Association reporting higher builder confidence.