Construction Spending Slipped In November
January 2, 2013 by UPI - United Press International, Inc.
WASHINGTON (UPI) — Construction spending fell slightly in November to a seasonally adjusted annual rate of $866 billion, the U.S. Census Bureau reported Wednesday.
Total construction spending in October was revised to $868.2 billion, the bureau said. That put the month to month decline at 0.3 percent.
Spending in November was 7.7 percent above November 2011 when $804 billion was spent on construction projects on a seasonally adjusted annual basis.
Spending on private construction was at a seasonally adjusted annual rate of $589.8 billion, 0.2 percent lower than the revised estimate for October of $590.8 billion, the Census Bureau said.
The figure for private projects includes $295.3 billion spent on residential projects and $294.5 billion spent on non-residential projects.
The estimated seasonally adjusted annual rate of public construction spending in November was $276.2 billion, 0.4 percent below the revised October estimate of $277.4 billion, the Census Bureau said.
Educational construction was at a seasonally adjusted annual rate of $66.8 billion, while highway construction was at a seasonally adjusted annual rate of $77.8 billion.