Construction Spending Fell in November
Construction spending declined 0.6% in November, according to data released today by the Commerce Department.
In November, spending was at a seasonally adjusted annual rate of $900.1 billion, and represented a 13.2% decline from November 2008.
During the first 11 months of 2009, construction spending totaled $868.9 billion, 12.7% less than in the first 11 months of 2008.
Private construction fell 0.7% in November to an adjusted annual rate of $581.2 billion. Residential construction fell 1.6% to an adjusted annual rate of $250.7 billion. Nonresidential construction was unchanged at a seasonally adjusted annual rate of $330.5 billion.
Public construction fell 0.4% to $318.8 billion in November. Educational construction fell 0.1% and highway construction fell 2.9%.