The U.S. Census Bureau has announced that construction spending during November 2012 was estimated at a seasonally adjusted annual rate of $866 billion, which is 0.3% below the revised October estimate of $868.2 billion. The November figure is 7.7% above the November 2011 estimate of $804 billion.
During the first 11 months of this year, construction spending amounted to $781.4 billion, which is 9.2% above the $715.4 billion for the same period in 2011.
Spending on private construction was at a seasonally adjusted annual rate of $589.8 billion, which is 0.2% below the revised October estimate of $590.8 billion. Residential construction was at a seasonally adjusted annual rate of $295.3 billion in November, 0.4% above the revised October estimate of $294.2 billion. Nonresidential construction was at a seasonally adjusted annual rate of $294.5 billion in November, 0.7% below the revised October estimate of $296.5 billion.
In November, the estimated seasonally adjusted annual rate of public construction spending was $276.2 billion, 0.4% below the revised October estimate of $277.4 billion. Educational construction was at a seasonally adjusted annual rate of $66.8 billion, which is nearly the same as the revised October estimate.