Construction Spending Shows Modest Growth in November
Overall spending climbs over October; only nonresidential construction trends flat.
The U.S. Census Bureau of the Department of Commerce announced today that construction spending during November 2011 was estimated at a seasonally adjusted annual rate of $807.1 billion, 1.2 percent (±1.6%)* above the revised October estimate of $797.4 billion. The November figure is 0.5 percent (±1.9%)* above the November 2010 estimate of $803.0 billion.
During the first 11 months of this year, construction spending amounted to $724.8 billion, 2.5 percent (±1.1%) below the $743.6 billion for the same period in 2010.
PRIVATE CONSTRUCTION
Spending on private construction was at a seasonally adjusted annual rate of $522.3 billion, 1.0 percent (±1.0%)* above the revised October estimate of $517.3 billion.
Residential construction was at a seasonally adjusted annual rate of $243.7 billion in November, 2.0 percent (±1.3%) above the revised October estimate of $238.9 billion.
Nonresidential construction was at a seasonally adjusted annual rate of $278.6 billion in November, nearly the same as (±1.0%)* the revised October estimate of $278.5 billion.
PUBLIC CONSTRUCTION
In November, the estimated seasonally adjusted annual rate of public construction spending was $284.9 billion, 1.7 percent (±2.2%)* above the revised October estimate of $280.1 billion.
Educational construction was at a seasonally adjusted annual rate of $71.9 billion, 0.5 percent (±3.8%)* above the revised October estimate of $71.5 billion.
Highway construction was at a seasonally adjusted annual rate of $82.9 billion, 1.9 percent (±5.4%)* above the revised October estimate of $81.3 billion.
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