According to the U.S. Census Bureau of the Department of Commerce, total construction spending for November 2014 was estimated at a seasonally adjusted annual rate of $975.0 billion, a slight decrease of 0.3 percent from the revised October estimate of $977.7 billion. Compared to a year ago, the November rate is up 2.4 percent from that of the November 2013 rate, which was estimated at $952.5 billion. So far this year, construction spending has totaled $884.6 billion, an increase of 5.7 percent compared to the $836.9 billion for the first eleven months of 2013.
Private construction spending in November was estimated at a seasonally adjusted annual rate of $697.7 billion, rising 0.3 percent from the revised October estimate of $695.7 billion. Residential construction spending for November was at a seasonally adjusted annual rate of $352.7 billion, an increase of 0.9 percent from the previous month’s revised estimate of $349.6 billion. Nonresidential construction spending for November was estimated at $345.0 billion, down 0.3 percent from the revised October estimate of $346.1 billion.
Public construction spending in November was estimated at a seasonally adjusted annual rate of $277.3 billion, down 1.7 percent from the revised October estimate of $282.0 billion. Educational construction spending was at an adjusted rate of $62.1 billion, decreasing 2.5 percent from the revised October estimate of $63.8 billion. Highway construction spending was estimated at an adjusted rate of $85.7 billion for November, rising 0.3 percent from the revised October estimate of $85.4 billion.
For more information, read the complete U.S. Census Bureau of the Department of Commerce Press Release by clicking here.
