The Department of Commerce said construction spending during Nov. 2011 was estimated at a seasonally adjusted annual rate of $807.1 billion, 1.2 percent above the revised Oct. 2011 estimate of $797.4 billion. The November figure is 0.5 percent above the Nov. 2010 estimate of $803 billion. During the first 11 months of this year, construction spending amounted to $724.8 billion, 2.5 percent below the $743.6 billion for the same period in 2010.
Private construction. Spending on private construction was at a seasonally adjusted annual rate of $522.3 billion, one percent above the revised October estimate of $517.3 billion. Residential construction was at a seasonally adjusted annual rate of $243.7 billion in November, two percent above the revised October estimate of $238.9 billion. Nonresidential construction was at a seasonally adjusted annual rate of $278.6 billion in November, nearly the same as the revised October estimate of $278.5 billion. Construction of electric utility projects increased the most from November, increasing 3.5% to $71.9 billion. Amusement and recreation construction slid 10.4% to $6.9 billion.
Public construction. In November, the estimated seasonally adjusted annual rate of public construction spending was $284.9 billion, 1.7 percent above the revised October estimate of $280.1 billion. Educational construction was at a seasonally adjusted annual rate of $71.9 billion, 0.5% above the revised October estimate of $71.5 billion. Construction of public power projects saw the biggest monthly increase, surging 22.1% to $12.5 billion. Several categories of public construction were down significantly year-to-year in November, including residential (-28.5%); office (-12.4%); amusement and recreation (-18.4%); and transportation (-11.7%).