Value of New Construction Slips Slightly in November, Still Up 10.5% Year-Over-Year

The U.S. Department of Commerce said construction spending during Nov. 2015 was estimated at a seasonally adjusted annual rate of $1,122.5 billion, 0.4% below the revised October estimate of $1,127 billion and 10.5% above the Nov. 2014 estimate of $1,016.1 billion. During the first 11 months of 2015, construction spending amounted to $1,011.9 billion, 10.7% above the $913.9 billion for the same period in 2014.

Private construction. Spending on private construction was at a seasonally adjusted annual rate of $828.2 billion, 0.2% below the revised October estimate of $829.7 billion. Residential construction was at a seasonally adjusted annual rate of $427.9 billion in November, 0.3% above the revised October estimate of $426.8 billion. Nonresidential construction was at a seasonally adjusted annual rate of $400.3 billion in November, 0.7% below the revised October estimate of $402.9 billion.

Value of new construction data seems to be ending the year in fine form, with private construction up an impressive 12.1% to $828.2 billion. Multi-family construction is up most on a percentage basis year-over-year with a 24.5% increase.

Public construction. In November the estimated seasonally adjusted annual rate of public construction spending was $294.3 billion, 1% below the revised October estimate of $297.3 billion. Educational construction was at a seasonally adjusted annual rate of $71.2 billion, 5% above the revised October estimate of $67.8 billion.