Construction spending dips in November

January 2, 2013


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Construction spending during November was estimated at a seasonally adjusted annual rate of $866.0 billion — 0.3% below the October estimate but 7.7% above November 2011, according to preliminary figures from the U.S. Census Bureau. During the first 11 months of 2011, construction spending was 9.2% higher than the same 2011 period.

Spending on private construction was at a seasonally adjusted annual rate of $589.8 billion — 0.2% below the revised October estimate. Residential construction spending was up 0.4%, but nonresidential construction spending dropped 0.7%. The estimated seasonally adjusted annual rate of public construction spending was $276.2 billion — down 0.4% from the revised October estimate. Educational construction was basically unchanged from October while highway construction was up 0.5%.

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