News Column

U.S. Construction Spending Rose in November

January 2, 2014

UPI Business News

construction spending
Construction spending rose in November (file photo)

Construction outlays rose in November, the U.S. Census Bureau reported Thursday.

The bureau said spending was 1 percent higher than the revised estimate of $925.1 billion for October, with spending climbing to an annual rate of $934.4 billion.

Construction outlays for the month were 5.9 percent above the November 2012 annual rate estimate of $882.7 billion.

Spending for November pushed the year-to-date total to $828.4 billion, 5 percent above $788.8 billion, the January through November total in 2012.

Spending on private-sector projects totaled $659.4 billion on a seasonally adjusted basis, 2.2 percent above the revised October estimate of $644.9 billion.

In November, a seasonally adjusted annual rate of $345.5 billion was spent on residential projects, a 1.9 percent gain over October's revised rate of $339.2 billion. Private spending on commercial projects came to a seasonally adjusted annual rate of $313.9 billion in November, 2.7 percent above the revised October estimate of $305.7 billion.

The estimated seasonally adjusted annual rate of public construction spending in November was $275 billion, 1.8 percent below the revised October estimate of $280.2 billion.

Educational construction was at a seasonally adjusted annual rate of $65.2 billion, up 1.1 percent from October's estimated spending rate, which came to $64.4 billion. Highway construction was at a seasonally adjusted annual rate of $82 billion, 0.4 percent below October's estimate of $82.4 billion, the department said.

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Original headline: Construction spending rises in November


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