New Construction Spending Jumps in November

January 3, 2017 by Paul Ausick

The U.S. Census Bureau reported Tuesday morning that construction spending in November rose by 0.9% to an estimated seasonally adjusted annual rate of about $1.182 trillion from the upwardly revised estimate of $1.171 trillion in October. Compared with November 2015, total spending is up 4.1%.

For the first 11 months of 2016, new construction spending rose 4.4% to an estimated total of $1.071 trillion compared with the 2015 total of $1.026 billion.

The consensus estimate by economists surveyed by Bloomberg News called for a rise of 0.6% in construction spending for November and a year-over-year increase of 3.4%.

For the month of November private residential construction rose 1% month over month to $462.91 billion. Private non-residential construction rose 0.9% month-over-month and total private construction spending on a seasonally adjusted annual basis rose 1% to $892.82 billion compared with a revised October total of $884.33 billion.

In the private sector, single family residential construction is 6% higher than it was a year ago and multi-family construction is up 5.4% from November 2015. Private, non-residential construction is up 1.3% year over year.

In the public sector, seasonally adjusted total spending rose 0.8% compared with October and is now 2.6% higher compared with November 2015. Spending on educational facilities increased by 2.1% month over month, and is up 6.2% from November 2015 spending. Public residential construction rose 0.5% month over month, and remains up 2.7% compared with November 2015.

Private sector spending on new housing is up 3% year over year thru November and private sector spending on non-residential construction is up 4.9% year over year. Total public and private construction spending is up 4.1% compared with November 2015.

Take This Retirement Quiz To Get Matched With A Financial Advisor (Sponsored)

Take the quiz below to get matched with a financial advisor today.

Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.

Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the
advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future

Take the retirement quiz right here.