Construction spending increased 0.9% in November to a seasonally adjusted annual level (SAAL) of $1,182.1 billion, according to the Census Bureau. October’s spending estimate was revised to a rate of $1,171.4 billion. During the first eleven months of the year, construction spending amounted to $1,070.9 billion, up 4.4% from the first eleven months of 2015.
Total private construction rose to $892.8 billion SAAL, up 1.0% from the revised October estimate of $884.3 billion. Private residential construction was $462.9 billion SAAL, 1.0% above October’s rate.
Private nonresidential construction rose 0.9% to $429.9 billion, largely due to increases in lodging and office projects.
Public construction increased 0.8% to $289.3 billion SAAL, largely due to jumps in educational and highway construction projects.
Read the Census release.
