The Census Bureau announced today that construction spending during November was estimated at a seasonally adjusted annual rate of $1,165.1 billion, 0.1% above the revised October estimate of $1,163.6 billion. The November figure is 0.1% below the November 2006 estimate of$1,166.3 billion.
Residential construction, however, continued its decline, with November down 2.5% from October to $484.9 billion. Residential construction is off 17.5% from November 2006, with private residential construction falling 17.8%. Nonresidential construction rose 1.7% to $375.8 billion in November.
Public construction, driven by spending increases in the educational and highway components, rose 2.5% to $304.3 billion. During the first 11 months of 2007, construction spending amounted to $1,076.2 billion, 2.5% below the same period in 2006.
