Private, Public Construction Spend at $900 Billion Annualized Rate

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(WASHINGTON, D.C.) -- The U.S. Census Bureau of the Department of Commerce announced today that construction spending during November 2009 was estimated at a seasonally adjusted annual rate of $900.1 billion, 0.6 percent (±1.4%) below the revised October estimate of $905.6 billion. The November figure is 13.2 percent (±1.4%) below the November 2008 estimate of $1,037.3 billion.

During the first 11 months of this year, construction spending amounted to $868.9 billion, 12.7 percent (±1.1%) below the $994.9 billion for the same period in 2008.

PRIVATE CONSTRUCTION

Spending on private construction was at a seasonally adjusted annual rate of $581.2 billion, 0.7 percent (±1.1%) below the revised October estimate of $585.5 billion. Residential construction was at a seasonally adjusted annual rate of $250.7 billion in November, 1.6 percent (±1.3%) below the revised October estimate of $254.9 billion. Nonresidential construction was at a seasonally adjusted annual rate of $330.5 billion in November, nearly the same as (±1.1%) the revised October estimate of $330.6 billion.

PUBLIC CONSTRUCTION

In November, the estimated seasonally adjusted annual rate of public construction spending was $318.8 billion, 0.4 percent (±2.1%) below the revised October estimate of $320.1 billion. Educational construction was at a seasonally adjusted annual rate of $83.5 billion, 0.1 percent (±3.2%) below the revised October estimate of $83.6 billion. Highway construction was at a seasonally adjusted annual rate of $87.5 billion, 2.9 percent (±5.3%) below the revised October estimate of $90.2 billion.

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