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Spending on Construction Down Slightly01-03-07 | News

Spending on Construction Down Slightly

WASHINGTON D.C. ?EUR??,,????'??+ Construction spending in November was estimated at a seasonally adjusted annual rate of $1.184 trillion, according to a report by the Commerce Department. The November rate is 0.2 percent below the revised October estimate of $1.186 trillion and 0.1 percent above the November 2005 rate.

During the first 11 months of 2006, construction spending amounted to $1.110 trillion, 5.4 percent above the same period in 2005.

Spending on private construction was at a seasonally adjusted annual rate of $905.8 billion, 0.6 percent below the revised October estimate of $911 billion. Residential construction was at a seasonally adjusted annual rate of $589.3 billion in November, 1.6 percent below the revised October estimate of $599 billion. Nonresidential construction was at a seasonally adjusted annual rate of $316.5 billion in November, 1.4 percent above the revised October estimate of $312 billion.

In November, the estimated seasonally adjusted annual rate of public construction spending was $278.4 billion, one percent above the revised October estimate of $275.7 billion. Educational construction was at a seasonally adjusted annual rate of $72.6 billion, 2.3 percent above the revised October estimate of $70.9 billion. Highway construction was at a seasonally adjusted annual rate of $77 billion, 0.4 percent above the revised October estimate of $76.7 billion.