November Construction Spending Rises 0.9%

Construction spending during November 2020 was estimated at a seasonally adjusted annual rate of $1,459.4 billion, 0.9% above the revised October estimate of $1,446.9 billion, according to the U.S. Census Bureau.

The November figure is 3.8% above the November 2019 estimate of $1,405.5 billion. During the first eleven months of this year, construction spending amounted to $1,314.1 billion, 4.4% above the $1,258.8 billion for the same period in 2019.

Spending on private construction was at a seasonally adjusted annual rate of $1,111.8 billion, 1.2% above the revised October estimate of $1,098.6 billion. Residential construction was at a seasonally adjusted annual rate of $658.1 billion in November, 2.7% above the revised October estimate of $641.0 billion. Nonresidential construction was at a seasonally adjusted annual rate of $453.8 billion in November, 0.8% below the revised October estimate of $457.6 billion.

In November, the estimated seasonally adjusted annual rate of public construction spending was $347.6 billion, 0.2% below the revised October estimate of $348.3 billion. Educational construction was at a seasonally adjusted annual rate of $86.7 billion, 0.3% above the revised October estimate of $86.5 billion. Highway construction was at a seasonally adjusted annual rate of $97.5 billion, 1.8% above the revised October estimate of $95.8 billion.

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