U.S. Commerce Report Shows Value of New Construction Up 4.4% YOY through November

U.S. Commerce Report Shows Value of New Construction Up 4.4% YOY through November

The U.S. Department of Commerce reported that construction spending during Nov. 2016 was estimated at a seasonally adjusted annual rate of $1,182.1 billion, 0.9% above the revised October estimate of $1,171.4 billion. The November figure is 4.1% above the Nov. 2015 estimate of $1,135.5 billion. During the first 11 months of this year, construction spending amounted to $1,070.9 billion, 4.4% above the $1,025.5 billion for the same period in 2015.

Private construction. Spending on private construction was at a seasonally adjusted annual rate of $892.8 billion, 1% above the revised October estimate of $884.3 billion. Residential construction was at a seasonally adjusted annual rate of $462.9 billion in November, 1% above the revised October estimate of $458.2 billion. Nonresidential construction was at a seasonally adjusted annual rate of $429.9 billion in November, 0.9% above the revised October estimate of $426.2 billion.

Multi-family construction showed a -2.7% drop for November but was still up 10.7% over Nov. 2015.

Public construction. In November, the estimated seasonally adjusted annual rate of public construction spending was $289.3 billion, 0.8% above the revised October estimate of $287.1 billion.

Educational construction was at a seasonally adjusted annual rate of $71.6 billion, 2.1% above the revised October estimate of $70.1 billion and a healthy 6.2% increase over Nov. 2015. Health-care construction was up 0.2% for the month, but at $8.7 billion was up 2.7% over Nov. 2015.

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