U.S. construction spending grows nearly 1 percent in November
Even with the pandemic, total construction spending grew 4.4 percent YOY in the first 11 months of 2020.
The U.S. Census Bureau announced the following value put in place construction statistics for November 2020:
Total Construction
Construction spending during November 2020 was estimated at a seasonally adjusted annual rate of $1,459.4 billion, 0.9 percent (±0.8 percent) above the revised October estimate of $1,446.9 billion. The November figure is 3.8 percent (±1.3 percent) above the November 2019 estimate of $1,405.5 billion.
During the first eleven months of this year, construction spending amounted to $1,314.1 billion, 4.4 percent (±1.0 percent) above the $1,258.8 billion for the same period in 2019.
Private Construction
Spending on private construction was at a seasonally adjusted annual rate of $1,111.8 billion, 1.2 percent (±0.5 percent) above the revised October estimate of $1,098.6 billion.
Residential construction was at a seasonally adjusted annual rate of $658.1 billion in November, 2.7 percent (±1.3 percent) above the revised October estimate of $641.0 billion.
Nonresidential construction was at a seasonally adjusted annual rate of $453.8 billion in November, 0.8 percent (±0.5 percent) below the revised October estimate of $457.6 billion.
Public Construction
In November, the estimated seasonally adjusted annual rate of public construction spending was $347.6 billion, 0.2 percent (±1.3 percent)* below the revised October estimate of $348.3 billion.
Educational construction was at a seasonally adjusted annual rate of $86.7 billion, 0.3 percent (±1.2 percent)* above the revised October estimate of $86.5 billion.
Highway construction was at a seasonally adjusted annual rate of $97.5 billion, 1.8 percent (±3.5 percent)* above the revised October estimate of $95.8 billion.
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