According to the U.S. Census Bureau of the Department of Commerce, total construction spending for November 2013 was estimated at a seasonally adjusted annual rate of $934.4 billion. This rate is up 1.0 percent from the revised October estimate of $925.1 billion and is 5.9 percent above the November 2012 estimate of $882.7 billion. Construction spending totaled to $828.4 billion during the first 11 months of 2013, which is 5.0 percent above the $788.8 billion amount for the same period in 2012.
Private construction spending was estimated at a seasonally adjusted annual rate of $659.4 billion, which is up 2.2 percent from October’s $644.9 billion revised estimate. Residential construction spending for November was at a seasonally adjusted annual rate of $345.5 billion, up 1.9 percent from the revised October estimate of $339.2 billion. Nonresidential construction spending for November was estimated at a seasonally adjusted annual rate of $313.9 billion, up 2.7 percent from October’s revised estimate of $305.7 billion.
The estimated seasonally adjusted annual rate for public construction spending in November was $275.0 billion, down 1.8 percent from the revised October estimate of $280.2 billion. Educational construction spending was at an adjusted rate of $65.2 billion, up 1.1 percent from October’s revised estimate of $64.4 billion. Highway construction spending in November was estimated at a seasonally adjusted annual rate of $82.0 billion, down 0.4 percent from the previous month’s revised estimate of $82.4 billion.
While public construction spending for the month of November was down, private construction spending rose sufficiently to overcome the lower public construction spending and to send the total construction spending number up, which is welcome news for the construction industry.
For more information, read the complete U.S. Census Bureau of the Department of Commerce Press Release by clicking here.
