Construction spending in November 2016 was estimated at a seasonally adjusted annual rate of $1,182.1 billion, 0.9% (±1.5%)* above the revised October estimate of $1,171.4 billion, the Commerce Dept. said Tuesday. The November figure is 4.1% (±2.0%) above the November 2015 estimate of $1,135.5 billion.
During the first 11 months of this year, construction spending amounted to $1,070.9 billion, 4.4% (±1.0%) above the $1,025.5 billion for the same period in 2015.
Spending on private construction was at a seasonally adjusted annual rate of $892.8 billion, 1.0% (±1.5%)* above the revised October estimate of $884.3 billion. Residential construction was at a seasonally adjusted annual rate of $462.9 billion in November, 1.0% (±1.3%)* above the revised October estimate of $458.2 billion. Nonresidential construction was at a seasonally adjusted annual rate of $429.9 billion in November, 0.9% (±1.5%)* above the revised October estimate of $426.2 billion.
In November, the estimated seasonally adjusted annual rate of public construction spending was $289.3 billion, 0.8% (±2.5%)* above the revised October estimate of $287.1 billion. Educational construction was at a seasonally adjusted annual rate of $71.6 billion, 2.1% (±2.5%)* above the revised October estimate of $70.1 billion. Highway construction was at a seasonally adjusted annual rate of $94.6 billion, 1.1% (±5.4%)* above the revised October estimate of $93.6 billion.
