The U.S. Census Bureau reported that construction spending during Nov. 2014 was estimated at a seasonally adjusted annual rate of $975 billion, 0.3% below the revised October estimate of $977.7 billion. The November figure is 2.4% above the Nov. 2013 estimate of $952.5 billion. During the first 11 months of this year, construction spending amounted to $884.6 billion, 5.7% above the $836.9 billion for the same period in 2013.
Private construction. Spending on private construction was at a seasonally adjusted annual rate of $697.7 billion, 0.3% above the revised October estimate of $695.7 billion. Residential construction was at a seasonally adjusted annual rate of $352.7 billion in November, 0.9% above the revised October estimate of $349.6 billion. Nonresidential construction was at a seasonally adjusted annual rate of $345 billion in November, 0.3% below the revised October estimate of $346.1 billion.
Public construction. In November, the estimated seasonally adjusted annual rate of public construction spending was $277.3 billion, 1.7% below the revised October estimate of $282.0 billion. Educational construction was at a seasonally adjusted annual rate of $62.1 billion, 2.5% below the revised October estimate of $63.8 billion. Highway construction was at a seasonally adjusted annual rate of $85.7 billion, 0.3% above the revised October estimate of $85.4 billion.
As the year-end data comes into focus, it’s clear one of the most important market drivers has picked up momentum and is well-positioned for 2015. Private office construction was down from October but is up 17.5% year-over-year through November to $38.8 billion according to the U.S. Census Bureau’s latest Value of New Construction data.
