Combine water and yeast in large mixer bowl; let rest 5 minutes. Add 3 cups flour, sugar and salt. Set aside 1 tablespoon pineapple for the icing. Heat remaining pineapple, milk and butter until warm (100° to 110°F). Pour into flour mixture; add eggs. Beat for 30 seconds with electric mixer to combine. Increase speed to medium-high and beat for 2 minutes. Stir in remaining flour to make a stiff batter. Stir in carrots and pecans. Spoon into two well-greased 8-1/2 x 4-inch inch loaf pans. Cover and let rise in a warm draft-free place 60 to 90 minutes, or until doubled.
Bake in a preheated 350°F oven for 35 to 45 minutes or until done. Remove from pan and cool on wire rack. Frost.
To make frosting, combine reserved pineapple, powdered sugar, butter, milk and food coloring, if desired. Beat until smooth. Spread over bread.