The Real Deal Miami

November 2014 construction spending tops same month last year

Rose 2.4 percent

January 02, 2015 01:35PM

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Construction

November construction spending in 2014 was 2.4 percent greater than in November 2013.

The U.S. Census Bureau of the Department of Commerce said Friday that U.S. construction spending during November 2014 was estimated at a seasonally adjusted annual rate of $975 billion, 0.3 percent below the revised October estimate of $977.7 billion.

The November figure is 2.4 percent above the November 2013 estimate of $952.5 billion.

During the first 11 months of the year, construction spending amounted to $884.6 billion, 5.7 percent above the $836.9 billion for the same period in 2013.

Spending on private construction was at a seasonally adjusted annual rate of $697.7 billion, 0.3 percent above the revised October estimate of $695.7 billion. Residential construction was progressing at an annual rate of $352.7 billion in November, 0.9 percent above the revised October estimate of $349.6 billion.

Nonresidential construction was on track for an annual rate of $345 billion in November, 0.3 percent below the revised October estimate of $346.1 billion.

In November, the estimated seasonally adjusted annual rate of public construction spending was $277.3 billion, 1.7 percent below the revised October estimate of $282 billion. Ina Cordle

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