New Construction Spending Slips in November
The U.S. Census Bureau reported Monday morning that construction spending in November decreased from October.
The U.S. Census Bureau reported Monday morning that construction spending in November decreased by 0.4% to an estimated seasonally adjusted annual rate of $1.123 trillion from the upwardly revised estimate of $1.127 trillion in October. Compared with November 2014, spending is up 10.5%.
For the first 10 months of 2014, new construction spending is up 10.7% at an estimated total of $888.1 billion, compared with the 10-month total of $802.3 billion in 2014.
The consensus estimate by economists surveyed by Bloomberg News called for a rise of 0.7% in construction spending for October.
The seasonally adjusted annual rate of spending on private residential construction rose 0.3% to $427.9 billion, compared with the revised October total of $426.8 billion. Private nonresidential construction slipped 0.7% month over month, and total private construction spending fell 0.2% to $828.2 billion, compared with a revised October total of $829.7 billion.
[recirclink id=302779]
In the private sector, single-family residential construction is 9.3% higher than it was a year ago, and multifamily construction is up 9.3% from November 2014. Private, nonresidential construction is up 13.6% year over year.
In the public sector, seasonally adjusted total spending fell 1% compared with October and is now 6% higher compared with November 2014. Spending on educational facilities rose 5% month over month and is up 15.2% from November 2014 spending. Public residential construction fell 1.2% month over month and is up 20.6% compared with November 2014.
Contact [email protected] for any questions or corrections.
Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.
