The Real Deal Miami

Construction spending in U.S. drops

January 04, 2010 11:55AM

Construction spending this past November was estimated at a seasonally adjusted annual rate of $900.1 billion, 13.2 percent below the November 2008 estimate and 0.6 percent below October’s estimate, according to a Department of Commerce report released today. In the private sector, construction costs were at a seasonally adjusted rate of $581.2 billion, of which residential construction cost $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 estimate. Educational and highway construction were set at $83.5 billion and $87.5 billion, respectively.November 2009 Construction Spending Estimate