November Value of New Construction Shows Little Change

Total construction spending during Nov. 2019 was estimated at a seasonally adjusted annual rate of $1,324.1 billion, +0.6% above the revised October estimate of $1,316.8 billion. The U.S. Census Bureau said the November figure is +4.1% above the Nov. 2018 estimate of $1,271.4 billion. During the first eleven months of this year, construction spending amounted to $1,201.6 billion, -0.8% below the $1,211.8 billion for the same period in 2018.

Private construction. Spending on private construction was at a seasonally adjusted annual rate of $985.5 billion, +0.4% above the revised October estimate of $981.1 billion. Residential construction was at a seasonally adjusted annual rate of $536.1 billion in November, +1.9% above the revised October estimate of $526.3 billion. Nonresidential construction was at a seasonally adjusted annual rate of $449.4 billion in November, -1.2% below the revised October estimate of $454.7 billion.

Private office construction did not show any change from October at $68.73 billion, but is enjoying a +6.5% increase year-over-year in November.

Public construction. In November, the U.S. Census Dept.’s estimated seasonally adjusted annual rate of public construction spending was $338.6 billion, +0.9% above the revised October estimate of $335.7 billion and +12.4% above Nov. 2018. Educational construction was at a seasonally adjusted annual rate of $83.9 billion, virtually unchanged from the revised October estimate of $84 billion and +12.6% above Nov. 2018. Public health care construction was up +1.2% to $8.88 billion in November, but down -4.4% from Nov. 2018.