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Construction Spending Holds Even in November

New residential sales rise 4.4 percent for month.


The U.S. Census Bureau of the Department of Commerce announced today that construction spending during November 2012 was estimated at a seasonally adjusted annual rate of $866.0 billion, 0.3 percent (±1.6%)* below the revised October estimate of $868.2 billion. The November figure is 7.7 percent (±2.0%) above the November 2011 estimate of $804.0 billion.

During the first 11 months of this year, construction spending amounted to $781.4 billion, 9.2 percent (±1.3%) above the $715.4 billion for the same period in 2011.

Private Construction

Spending on private construction was at a seasonally adjusted annual rate of $589.8 billion, 0.2 percent (±1.3%)* below the revised October estimate of $590.8 billion.

Residential construction was at a seasonally adjusted annual rate of $295.3 billion in November, 0.4 percent (±1.3%)* above the revised October estimate of $294.2 billion.

Nonresidential construction was at a seasonally adjusted annual rate of $294.5 billion in November, 0.7 percent (±1.3%)* below the revised October estimate of $296.5 billion.

Public construction

In November, the estimated seasonally adjusted annual rate of public construction spending was $276.2 billion, 0.4 percent (±2.3%)* below the revised October estimate of $277.4 billion.

Educational construction was at a seasonally adjusted annual rate of $66.8 billion, nearly the same as (±3.5%)* the revised October estimate of $66.8 billion.

Highway construction was at a seasonally adjusted annual rate of $77.8 billion, 0.5 percent (±5.3%)* above the revised October estimate of $77.4 billion.

New Home Sales

Sales of new single-family houses in November 2012 were at a seasonally adjusted annual rate of 377,000, according to estimates released jointly by the U.S. Census Bureau and the Department of Housing and Urban Development.

This is 4.4 percent (±16.8%)* above the revised October rate of 361,000 and is 15.3 percent (±18.7%)* above the November 2011 estimate of 327,000.

The median sales price of new houses sold in November 2012 was $246,200; the average sales price was $299,700.

The seasonally adjusted estimate of new houses for sale at the end of November was 149,000. This represents a supply of 4.7 months at the current sales rate.

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