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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
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.
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 Image: http://www.aggman.com/files/2013/10/ConstructionSilhouettes.jpg
 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/
 September and October reports: http://www.aggman.com/construction-spending-rises-0-8-in-october/
 16-day partial government shutdown: http://www.aggman.com/federal-reports-begin-again-as-government-reopens/
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