Census: Construction spending up 9 percent through November
Construction spending through November amounted to $781.4 billion, or 9.2 percent above the first 11 months of 2011, according to the U.S. Census Bureau.
The seasonally adjusted annual rate during November was $866 billion, which was just off the revised October estimate of $868.2 billion, the bureau said today. The November figure is 7.7 percent above the November 2011 estimate of $804 billion.
Total private construction was valued at a seasonally adjusted annual rate of $589.8 billion, which was 0.2 percent below the October estimate but up from $520.4 billion in November 2011, the bureau said.
Transportation construction was up 3.4 percent in November compared with October at $12.4 billion. That was the biggest gain for the month in private construction, which was up 13.3 percent compared with November 2011.
On the residential side, new single-family and multifamily was up from October. Single-family construction increased by 1.3 percent, while multifamily grew by 0.5 percent.
For the year, residential construction was up 19 percent, the bureau said. New multifamily construction grew by 45.9 percent from November 2011 to November 2012.
Public construction came in at $276.2 billion, or 0.4 percent below the October estimate of $277.4 billion.
Commercial construction grew 8.6 percent over the month to $3.3 billion, the bureau said. That was the biggest public construction increase.
Public construction was off 2.6 percent from November 2011, the bureau said.
For the year, transportation saw the most growth at 22.7 percent. In November, the value of transportation construction was $41.8 billion compared with $34.1 billion in the same month a year ago.
Lodging was second at 21.9 percent.