The US Census Bureau of the Department of Commerce announced Monday that construction spending during November 2010 was estimated at a seasonally adjusted annual rate of $810.2 billion, 0.4 percent (±1.6 percent) above the revised October estimate of $806.7 billion. The November figure is 6 percent (±1.9 percent) below the November 2009 estimate of $861.5 billion.
During the first 11 months of this year, construction spending amounted to $753.9 billion, 10.6 percent (±1.0 percent) below the $843.1 billion for the same period in 2009. The increase marks the third straight month of increases in construction spending, boosted primarily by federal government supported building projects.
Spending on private construction was at a seasonally adjusted annual rate of $491.8 billion, 0.3 percent (±1.1 percent) above the revised October estimate of $490.5 billion. Residential construction was at a seasonally adjusted annual rate of $235.7 billion in November, 0.7 percent (±1.3 percent) above the revised October estimate of $234.1 billion. Nonresidential construction was at a seasonally adjusted annual rate of $256.1 billion in November, 0.1 percent (±1.1 percent) below the revised October estimate of $256.3 billion.
In November, the estimated seasonally adjusted annual rate of public construction spending was $318.5 billion, 0.7 percent (±2.2 percent) above the revised October estimate of $316.2 billion. Educational construction was at a seasonally adjusted annual rate of $73.4 billion, 1 percent (±3.2 percent) above the revised October estimate of $72.7 billion. Highway construction was at a seasonally adjusted annual rate of $86.8 billion, 1 percent (±5.4 percent) below the revised October estimate of $87.7 billion.