Construction spending on private, residential projects reached a seasonally adjusted annual rate of $346 billion in November, up 17% over November 2012. That's the fastest pace since mid-2008.

Construction spending overall climbed 1% in November according to the U.S. Department of Commerce, and most of that was lead by private construction rather than public projects.

The overall breakdown by segment was: residential construction spending climbed 1.7%, while commercial construction spending increased 0.6%.

Private construction spending of all types rose 2.2%, while public outlays for construction dropped 1.8%.

A full breakdown of the November construction spending report can be found here.