Construction Spending Rose In November

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WASHINGTON, Jan. 3 (UPI) — Construction spending for November was 1.2 percent above October’s revised estimate of $797.4 billion, the U.S. Census Bureau reported Tuesday.

Spending on private and public projects for November reached $807.1 billion, a 0.5 percent gain over November 2010, the monthly construction spending report said.

Spending on private construction was at a seasonally adjusted annual rate of $522.3 billion, 1 percent above the revised October estimate of $517.3 billion, the Census Bureau said.

The report said residential construction was at a seasonally adjusted annual rate of $243.7 billion in November, 2 percent above the revised October estimate of $238.9 billion. Non-residential construction was at a seasonally adjusted annual rate of $278.6 billion in October, statistically little changed from the revised October estimate of $278 billion.

The estimated seasonally adjusted annual rate of public construction spending in October was $284.9 billion, 1.7 percent above the revised October estimate of $280.1 billion, the Census Bureau said.

Educational construction was at a seasonally adjusted annual rate of $71.9 billion, 0.5 percent above the revised October estimate of $71.5 billion, the bureau said. Highway construction was at a seasonally adjusted annual rate of $82.9 billion, 1.9 percent above the revised October estimate of $81.3 billion.

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