U.S. Construction Spending Hits Record High

Construction spending in the United States grew to record high in November, data showed on Monday, according to the U.S. Department of Commerce.

The American housing market is showing strength signs, booming in the midst of historically low mortgage rates.

The housing industry is seen as a strong support to the U.S. economy amid the Coronavirus pandemic.

Construction spending increased by 0.9% to $1.459 trillion in November, registering its highest level on record, since the official records began in 2002, Reuters reported.

The October reading was revised up, showing a growth of 1.6% in construction spending, versus a previously estimated 1.3% increase.