Construction spending rises 1% in November
U.S. construction spending rose 1 percent in November to a nearly 5-year high, according to a report from our sister site, Equipment World.
The figures come from preliminary data from the Commerce Department, which show that total construction spending reached a seasonally adjusted annual rate of $934.4 billion in November — a 5.9-percent gain over November 2012 and the highest rate since May 2009.
Like the September and October reports — both of which were released last month — the November report was delayed by the 16-day partial government shutdown in October. October’s results have been adjusted from $908.4 billion to $925 billion.
Overall residential spending increased 1.7 percent to $351 billion, and nonresidential was also up 0.6 percent to $583.4 billion.
Private nonresidential construction spending drove the majority of growth, rising 2.7 percent to $313.8 billion. Private residential construction spending also grew, rising 1.9 percent to $345.5 billion
Government construction spending, public residential spending and public nonresidential spending fell in November. Goverment spending dropped 1.8 percent to $275 billion, public residential spending plummeted 6.4 percent to $5.4 billion and public non residential spending was down 1.7 percent to $269.5 billion.