U.S. November Construction Spending Report (Text)

The following is the text of the November construction spending report from the U.S. Commerce Department.

The U.S. Census Bureau of the Department of Commerce announced today that construction spending during November 2011 was estimated at a seasonally adjusted annual rate of $807.1 billion, 1.2 percent (1.6%)* above the revised October estimate of $797.4 billion. The November figure is 0.5 percent (1.9%)* above the November 2010 estimate of $803.0 billion.

During the first 11 months of this year, construction spending amounted to $724.8 billion, 2.5 percent (1.1%) below the $743.6 billion for the same period in 2010.

PRIVATE CONSTRUCTION

Spending on private construction was at a seasonally adjusted annual rate of $522.3 billion, 1.0 percent (1.0%)* above the revised October estimate of $517.3 billion. Residential construction was at a seasonally adjusted annual rate of $243.7 billion in November, 2.0 percent (1.3%) above the revised October estimate of $238.9 billion. Nonresidential construction was at a seasonally adjusted annual rate of $278.6 billion in November, nearly the same as (1.0%)* the revised October estimate of $278.5 billion.

PUBLIC CONSTRUCTION

In November, the estimated seasonally adjusted annual rate of public construction spending was $284.9 billion, 1.7 percent (2.2%)* above the revised October estimate of $280.1 billion. Educational construction was at a seasonally adjusted annual rate of $71.9 billion, 0.5 percent (3.8%)* above the revised October estimate of $71.5 billion. Highway construction was at a seasonally adjusted annual rate of $82.9 billion, 1.9 percent (5.4%)* above the revised October estimate of $81.3 billion. December 2011 data

SOURCE: U.S. Commerce Department. http://www.census.gov/constructionspending

To contact the reporter on this story: Alex Tanzi in Washington at atanzi@bloomberg.net

To contact the editor responsible for this story: Marco Babic at mbabic@bloomberg.net

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