The U.S. Census Bureau reported this morning that construction spending in November fell by 0.3%, to an estimated seasonally adjusted annual rate of $866 billion, from a revised estimate of $868.2 billion from October. Compared with November 2011, spending is up 7.7%. For the first 11 months of 2012, construction spending is up 9.2% year-over-year.
Spending on private residential construction rose 0.4%, compared with the revised October rate. Private nonresidential construction declined 0.7% and total private spending fell 0.2%.
In the private sector, single family residential construction is 29.4% higher than it was a year ago, and multifamily construction is up 45.9% from November 2011. Private commercial construction is up 6.8% year-over-year.
In the public sector, total spending is down 2.6% year-over-year, continuing a slide begun in September. Spending on educational facilities rose 0.1% month-over-month and fell 3.4% from November 2011. Public residential construction rose 1.5% month-over-month, but has fallen 14.2% year-over-year.
Residential construction picked up in November, likely due to rebuilding in the aftermath of Hurricane Sandy. But rates of growth in nonresidential construction are slowing.
Filed under: 24/7 Wall St. Wire, Housing, Research