U.S. construction spending in November fell 0.3 percent below the revised October figure of $868.2 billion, according to the U.S. Census Bureau and the U.S. Department of Commerce. Spending in November totaled $866.0 billion, a 7.7 percent year-over-year gain. As The Real Deal reported last month, the October figures showed a second consecutive month of gains, following a large drop in July and another fall in August.
Private residential construction in November ticked in at a seasonally adjusted rate of $295.3 billion, a 0.4 percent month-over-month gain. Private non-residential construction, including office, transportation, religious and health care construction, posted a 0.7 percent month-over-month decline to $294.5 billion.
As The Real Deal previously reported, construction employment in November fell 5.2 percent year-over-year, amid rising anxiety over the so-called fiscal cliff . – Hiten Samtani