Value of New Construction Hits $1,257 Billion in November, Up 2.4% Year-Over-Year

Construction spending during November 2017 was estimated at a seasonally adjusted annual rate of $1,257 billion, 0.8% above the revised October estimate of $1,247.1 billion.

The November figure recently released by the U.S. Census Bureau is 2.4% above the November 2016 estimate of $1,227 billion. During the first eleven months of the year, construction spending amounted to $1,138.3 billion, 4.2% above the $1,091.9 billion seen in the same period in 2016.

Private construction. Spending on private construction was at a seasonally adjusted annual rate of $964.3 billion, 1% above the revised October estimate of $955.1 billion. Residential construction was at a seasonally adjusted annual rate of $530.8 billion in November, 1% above the revised October estimate of $525.3 billion. Nonresidential construction was at a seasonally adjusted annual rate of $433.5 billion in November, 0.9% above the revised October estimate of $429.7 billion.

Office construction saw the biggest increase in November, soaring 5.5% to $60.5 billion. The November data was down -6.9% YOY from Nov. 2016.

Public construction. In November, the estimated seasonally adjusted annual rate of public construction spending was $292.7 billion, 0.2% above the revised October estimate of $292 billion. Public educational construction, one of the larger public construction niches, checked in with some momentum not seen over the past few months. It was at a seasonally adjusted annual rate of $78.8 billion, 3.8% above the revised October estimate of $75.9 billion and 12%  up over November 2016.