US construction spending increases solid 0.9% in November

WASHINGTON (AP) — Spending on U.S.  construction projects increased 0.9% in November as strength in home building offset weakness in other parts of the construction industry. The Commerce Department said Monday that the November gain followed a bigger 1.6% rise in October and left construction spending up 4.4% through the first 11 months of 2020. For November, spending on residential construction rose 1.2% with single-family construction surging 5.1% while apartment construction was flat. Record low mortgage rates have spurred strong demand for housing even as a global pandemic resulted in widespread lock downs for many parts of the economy.