According to the Department of Commerce, construction spending increased in November on a month-over-month basis.
The report states that construction spending during the month rose by 1.2 percent to a seasonally adjusted rate of $807.1 billion. The rate of construction spending in October reached $797.4 billion. In addition, the rate remained 0.5 percent above the November 2010 rate of $743.6 billion.
However, despite the monthly gains, the total amount of spending during the first 11 months amounted to $724.8 billion - 2.4 percent the amount spent during the same time period in 2010.
Additionally, spending on private construction rose by 1 percent to a seasonally adjusted rate of $522.3 billion, while public construction increased 1.7 percent to a total of $284.9 billion.
Meanwhile, the amount of private spending spent on residential construction rose to an annual rate of $243.7 billion in November - a 2 percent increase from the previous month. In addition, the amount of public spending spent on educational facilities was at a seasonally adjusted annual rate of $71.9 billion - 0.5 percent above the prior month's level.