Construction Spending Rises for Third Month

Construction spending rose 0.4% in November, the third straight monthly increase, the Commerce Department reported.

The increase, which followed a 0.7% gain in October, was higher than economists’ estimates of a 0.2% rise, Bloomberg reported.

Public construction spending rose 0.7% and federal spending jumped 8.2% to a record $35.3 billion.

Private construction rose 0.3%. Homebuilding increased 0.7%, while private non-residential projects dipped 0.1%.

Construction spending can boost demand for trucking services because spending increases the number of shipments of goods and building materials.