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Construction spending rises 1% in November

Posted By Amanda Bayhi On January 6, 2014 @ 4:43 pm In Aggbeat Online,News | No Comments

ConstructionSilhouettes [1]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 [2].

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 [3] — both of which were released last month — the November report was delayed by the 16-day partial government shutdown [4] 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.

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URL to article: http://www.aggman.com/construction-spending-rises-1-in-november/

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[1] Image: http://www.aggman.com/files/2013/10/ConstructionSilhouettes.jpg

[2] according to a report from our sister site, Equipment World: http://www.equipmentworld.com/u-s-construction-spending-up-1-in-november-to-nearly-5-year-high/

[3] September and October reports: http://www.aggman.com/construction-spending-rises-0-8-in-october/

[4] 16-day partial government shutdown: http://www.aggman.com/federal-reports-begin-again-as-government-reopens/

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