Construction spending in U.S. drops

Construction spending this past November was estimated at a seasonally
adjusted annual rate of $900.1 billion, 13.2 percent below the November
2008 figure and 0.6 percent below October’s figure, according to a
Department of Commerce report released today (see full report below). In the private sector, construction spending was at a seasonally
adjusted rate of $581.2 billion, of which residential construction spending hit
$250.7 billion and nonresidential construction tallied $330.5 billion.
In the public sector, costs dropped compared to a month earlier, coming
in at an estimated seasonally adjusted annual rate of $318.8 billion,
0.4 percent below October’s figure. Educational and highway
construction spending were set at $83.5 billion and $87.5 billion, respectively. TRD
November 2009 Construction Spending Estimate