Construction Spending Up in November
The US Commerce Department reported today that construction spending in November grew 1.2% month-over-month to a seasonally adjusted annual rate of $807.1 billion, a gain of 0.5% over November 2010. For the first 11 months of 2011, construction spending has…
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The US Commerce Department reported today that construction spending in November grew 1.2% month-over-month to a seasonally adjusted annual rate of $807.1 billion, a gain of 0.5% over November 2010. For the first 11 months of 2011, construction spending has actually fallen by -2.5%, from $743.6 billion in 2010 to $724.8 billion this year.
Private residential construction grew by 2%, to $243.7 billion month-over-month, while non-residential construction was flat at $278.6 billion. Public construction spending grew by 1.7% to $284.9 billion month-over-month. Total private construction grew by 4% year-over-year, while total public construction contracted by -5.3%.
One bright spot was construction in manufacturing facilities, which grew by 13.3% year-over-year in November to $37.8 billion. Commercial construction also grew solidly, 11.4% year-over-year, to a total of $43.8 billion.
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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.
