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Sunday, July 21, 2019
HomeNewsEconomyConstruction Spending Rose Sharply in November, Quadruples Forecast

Construction Spending Rose Sharply in November, Quadruples Forecast

New residential construction, hew homes, housing starts, building permits, depicted on blueprints. (Photo: AdobeStock)
New residential construction, hew homes, housing starts, building permits, depicted on blueprints. (Photo: AdobeStock)
New residential construction, hew homes, housing starts, building permits, depicted on blueprints. (Photo: AdobeStock)

Construction spending gained 0.8% (±1.3%) in November at a seasonally adjusted annual rate of $1,299.9 billion, quadruple the 0.2% consensus forecast.

The range of forecasts spanned from a low of -0.1% to a high of 2.0%. The revised October estimate came in at $1,289.7 billion.

The latest gain in November drove construction spending 3.4% (±1.5%) higher than the November 2017 estimate of $1,257.3 billion.

During the first eleven months of this year, construction spending amounted to $1,200.7 billion, or 4.5% (±1.2%) higher than the $1,149.3 billion for the same period in 2017.

Private Construction

Spending on private construction was at a seasonally adjusted annual rate of $993.4 billion, 1.3% (±0.8%) above the revised October estimate of $980.4 billion. Residential construction was at a seasonally adjusted annual rate of $542.5 billion in November, 3.5% (±1.3%) above the revised October estimate of $524.2 billion.

Nonresidential construction was at a seasonally adjusted annual rate of $450.8 billion in November, 1.2% (±0.8%) below the revised October estimate of $456.1 billion.

Public Construction

The estimated seasonally adjusted annual rate of public construction spending was $306.5 billion in November, 0.9% (±2.3%) below the revised October estimate of $309.3 billion.

Educational construction came in at a seasonally adjusted annual rate of $76.7 billion, or 2.0% (±1.6 percent)* lower than the revised October estimate of $78.3 billion.

Highway construction was estimated at a seasonally adjusted annual rate of $93.4 billion, which is 1.7% (±5.6%)* higher than the revised October estimate of $91.8 billion.

Written by
Staff Writing Group

PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

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