US construction spending edges down in Nov

Construction spending edged down in November but outlays for the year remained on track for a modest increase over 2013 totals, according to an analysis by the Associated General Contractors of America.

Construction spending in November totaled $975 billion at a seasonally adjusted annual rate, down 0.3 percent from the October total but 2.4 percent higher than in November 2013. Private residential spending in November climbed 0.9 percent from October but slipped 0.5 percent from a year earlier, while private nonresidential spending dropped 0.3 percent for the month but rose 4.7 percent year-over-year. The third component of the total-public construction spending-tumbled 1.7 percent from October but was 3.2 percent higher than in November 2013.

Total spending year-to-date was 5.7 percent above the January-November 2013 total. Private residential spending rose 4.9 percent, while private nonresidential construction increased 10.8 percent. Public outlays for construction grew by 1.1 percent as state and local governments boosted spending by 1.6 percent, more than offsetting a 4.0 percent decline in federal construction expenditures.