Futures news – U.S. Construction spending a 5-month high in November.

WASHINGTON, Jan 3 (Reuters) – U.S. construction spending rose more than expected in November to touch its highest level in five months, a government report showed on Monday,  afurther sign that the economic recovery was gaining momentum.    The Commerce Department said construction spending increased  0.4 percent to an annual rate of $810.2 billion, the highest level since June,  after rising by an unrevised 0.7percent in October. November’s increase in  construction outlays marked the third straight month of gains.    Economists polled by Reuters  had forecast construction spending gaining 0.2 percent in November.    The report was the latest to indicate an acceleration in the economic growth pace in the fourth quarter after outputexpanded at a 2.6 percent annualized rate in the July-September period.    Construction spending in November was lifted by investmentin public projects, which rose 0.7 percent to $318.5 billion –the highest level since July 2009. Public construction spending fell 0.3 percent in October.  State and local government spending on construction projects dipped 0.1 percent inNovember, while federal construction jumped 8.2 percent to an all-time high $35.3 billion.    Despite persistent housing  market weakness,  investment in private construction increased 0.3 percent in November to$491.8 billion — the highest level since June — adding to October’s 1.4 percent increase.  Spending on private homebuilding increased 0.7 percent in November after a 3.9 percent surge the prior month.    However, private nonresidential spending egded down 0.1percent in November after falling 0.7 percent the previous month.