The US Census Bureau of the Department of Commerce announced Thursday that construction spending during November 2013 was estimated at a seasonally adjusted annual rate of $934.4 billion, 1.0 percent (±1.6 percent) above the revised October estimate of $925.1 billion. The November figure is 5.9 percent (±2.0 percent) above the November 2012 estimate of $882.7 billion.
During the first 11 months of this year, construction spending amounted to $828.4 billion, 5.0 percent (±1.3 percent) above the $788.8 billion for the same period in 2012.
Spending on private construction was at a seasonally adjusted annual rate of $659.4 billion, 2.2 percent (±1.2 percent) above the revised October estimate of $644.9 billion. Residential construction was at a seasonally adjusted annual rate of $345.5 billion in November, 1.9 percent (±1.3 percent) above the revised October estimate of $339.2 billion. Nonresidential construction was at a seasonally adjusted annual rate of $313.9 billion in November, 2.7 percent (±1.2 percent) above the revised October estimate of $305.7 billion.
In November, the estimated seasonally adjusted annual rate of public construction spending was $275.0 billion, 1.8 percent (±2.5 percent) below the revised October estimate of $280.2 billion. Educational construction was at a seasonally adjusted annual rate of $65.2 billion, 1.1 percent (±4.9 percent) above the revised October estimate of $64.4 billion. Highway construction was at a seasonally adjusted annual rate of $82.0 billion, 0.4 percent (±5.3 percent) below the revised October estimate of $82.4 billion.