Posted January 4, 2010
Construction spending dips
Construction spending during November was estimated at $900.1 billion, 0.6 percent below the revised October estimate of $905.6 billion.
The November figure from the Department of Commerce is 13.2 percent below the November 2008 estimate of $1,037.3 billion.
During the first 11 months of this year, construction spending amounted to $868.9 billion, 12.7 percent below the $994.9 billion for the same period in 2008.
Spending on private construction was at $581.2 billion, 0.7 percent below the revised October estimate of $585.5 billion. Residential construction was at a seasonally adjusted annual rate of $250.7 billion in November, 1.6 percent below the revised October estimate of $254.9 billion. Nonresidential construction was at a seasonally adjusted annual rate of $330.5 billion in November, nearly the same as the revised October estimate of $330.6 billion.
In November, the estimated seasonally adjusted annual rate of public construction spending was $318.8 billion, 0.4 percent below the revised October estimate of $320.1 billion. Educational construction was at a seasonally adjusted annual rate of $83.5 billion, 0.1 percent below the revised October estimate of $83.6 billion. Highway construction was at a seasonally adjusted annual rate of $87.5 billion, 2.9 percent below the revised October estimate of $90.2 billion.
