Construction Spending Fell in November

Construction spending fell 0.4 percent in November to $1,122.5 billion (SAAR). October’s spending estimate was revised up to $1,127.0 billion. Construction spending during the first 11 months of 2015 amounted to $1,011.9 billion, 10.7 percent higher than in the first 11 months of 2014.

Total private construction spending fell to a seasonally adjusted annual rate of $828.2 billion, 0.2 percent below the revised October estimate of $892.7 billion.

Private residential construction rose to $427.9 billion (SAAR), a 0.3 percent increase from October’s estimate, as new construction of single family units offset slowing growth in construction of multi-family units.

Private nonresidential construction fell 0.7 percent to a seasonally adjusted rate of $400.3 billion, as commercial and manufacturing construction fell.

Public construction spending fell by 1.0 percent to $294.3 billion (SAAR), declining broadly across most nonresidential subsectors. In contrast, construction spending related to public education increased by 5.0 percent.

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Tim Nicholson

Tim Nicholson is an economic research associate at ABA.