Construction Spending Hits All-Time High in November

Construction spending increased 0.8% in November to a record-high seasonally adjusted annual rate of $1,257.0 billion, according to the latest report from the U.S. Census Bureau. October’s estimate was revised up from $1,241.5 billion to $1,247.1 billion and September’s estimate was revised down up from $1,224.6 billion to $1,236.3 billion. Construction spending for November 2017 is up 2.4% from a year ago when the seasonally adjusted annual rate for construction spending was $1,227.0 billion.

Construction spending from January through November totaled $1,138.3 billion. This is 4.2% above the $1,091.9 billion spent during the first 11 months of 2016.

Total nonresidential construction was at a seasonally adjusted annual rate of $719.2 billion in November, which is 0.6% above October’s revised estimate of $715.1. November’s nonresidential construction spending estimate is 1.3% below the November 2016 estimate of $728.4 billion.

In November, total residential construction was at an estimated seasonally adjusted annual rate of $537.8 billion, up 1.1% from October’s revised estimate of $531.9 billion and 7.9% higher year over year. The total estimate for residential construction in October 2016 was $498.6 billion.

Total private construction spending in November increased 1.0% to a seasonally adjusted annual rate of $964.3 billion. October’s estimate was revised up from $949.9 billion initially to $955.1 billion and September’s estimate was revised up from $943.8 billion to $954.2 billion. Total private construction spending is 2.6% above November 2016’s estimate of $939.5 billion.

Private nonresidential construction was up 0.9% for the month but 3.1% lower than a year ago. November’s estimate for private nonresidential spending was $433.5 billion. October’s estimate was revised up down from $432.2 billion to $429.7 billion and September’s estimate was revised up from $428.4 billion to $430.7 billion.

Private residential construction spending was at a seasonally adjusted annual rate of $530.8 billion for November. This is up 1.0% from October’s estimate which has been revised up from $517.7 billion to $525.3 billion. September’s estimate for private residential construction has been revised up from $515.4 billion to $523.6 billion.

The seasonally adjusted annual rate for public construction spending was estimated at $292.7 billion in November. This is 0.2% higher than October’s estimate which has been revised up from $291.6 billion to $292.0 billion. September’s estimate was revised up from $280.7 billion to $282.0 billion. Public construction spending is 1.8% higher than it was a year ago. The September 2016 estimate for public construction was $287.6 billion.

 

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