U.S. Commerce Dept. Says Construction Put-in-Place Increased 5% in November

Private construction. Spending on private construction was at a seasonally adjusted annual rate of $659.4 billion, 2.2% above the revised October estimate of $644.9 billion. Residential construction was at a seasonally adjusted annual rate of $345.5 billion in November, 1.9% above the revised October estimate of $339.2 billion. Nonresidential construction was at a seasonally adjusted annual rate of $313.9 billion in November, 2.7% above the revised October estimate of $305.7 billion.

The 2013 increase in residential construction is well-documented and homebuilders kept pace again in November, with private residential construction up 16% for the first eleven months of the year. But several other   niches in the private construction segment are also tracking well. At a $52.39 billion seasonally adjusted annual rate through November, commercial construction is up 20.7% over Nov. 2012, and over the same time period construction of private manufacturing facilities was up 15.6% to $54.58 billion.

Public construction. In November, the estimated seasonally adjusted annual rate of public construction spending was $275 billion, 1.8% below the revised October estimate of $280.2 billion. Educational construction was at a seasonally adjusted annual rate of $65.2 billion, 1.1% above the revised October estimate of $64.4 billion.