Spending on U.S. construction projects increased 0.9 percent in November as strength in home building offset weakness in other parts of the construction industry, the Associated Press reported. The November gain followed a bigger 1.6 percent rise in October and left construction spending up 4.4 percent through the first 11 months of 2020 compared to the same period in 2019, according to the Commerce Department. For November, spending on residential construction rose 2.7 percent with single-family construction surging 5.1 percent while apartment construction was flat, according to the new data released yesterday. Record low mortgage rates have spurred strong demand for housing even as a global pandemic resulted in widespread lock downs for other parts of the economy.
