Annual Construction Spending Slides Six Percent in November to $806.7 Billion

Construction spending during Nov. 2010 was estimated at a seasonally adjusted annual rate of $810.2 billion, 0.4 percent above the revised October estimate of $806.7 billion, according to the U.S. Census Bureau. The November figure is six percent below the November 2009 estimate of $861.5 billion. During the first 11 months of 2010, construction spending amounted to $753.9 billion, 10.6 percent below the $843.1 billion for the same period in 2009.

Private construction. Spending on private construction was at a seasonally adjusted annual rate of $491.8 billion, 0.3 percent above the revised October estimate of $490.5 billion. Residential construction was at a seasonally adjusted annual rate of $235.7 billion in November, 0.7 percent above the revised October estimate of $234.1 billion. Nonresidential construction was at a seasonally adjusted annual rate of $256.1 billion in November, 0.1 percent below the revised October estimate of $256.3 billion. Private office construction increased 1.3 percent to $36.8 billion but is still running 18.9 percent behind Nov. 2009 YTY.

Public construction. In November, the estimated seasonally adjusted annual rate of public construction spending was $318.5 billion, 0.7 percent above the revised October estimate of $316.2 billion. Educational construction was at a seasonally adjusted annual rate of $73.4 billion, one percent above the revised October estimate of $72.7 billion, but 6.7 percent below the November 2009 rate.

Highway construction was at a seasonally adjusted annual rate of $86.8 billion, one percent below the revised October estimate of $87.7 billion.