November Construction Spending Crept Upward

Spending on private construction was at a seasonally adjusted annual rate of $491.8 billion in November, 0.3 percent above the revised October estimate of $490.5 billion, according to the U.S. Department of Commerce. Residential construction was at an annual rate of $235.7 billion, or 0.7 percent above the revised October estimate of $234.1 billion. Overall, construction spending increased 0.4 percent in November, from $806.7 billion in October to $810.2 billion. Even though November was the third consecutive month construction spending increased overall, it is 10.6 percent below the 11-month mark of $843.1 billion set in 2009; construction spending through 11 months in 2010 was at a rate of $753.9 billion. As recently as August, building activity was at its lowest level in a decade.