Construction spending rises in November

Construction spending during November 2011 rose 1.2% over the previous month, according to an estimate released by the Department of Commerce, which posted a seasonally adjusted annual rate of $807.1 billion. The increase was the third in four months and followed a revised 0.2% drop in October.

The November figure is slightly higher (0.5%) than November 2010’s construction spending estimate of $803.0 billion.

For the first 11 months of 2011, construction spending amounted to $724.8 billion, which is 2.5%  below the $743.6 billion for the same period in 2010, according to government estimates.

Residential construction rose 2.0% in November 2011, at a seasonally adjusted annual rate of $243.7 billion compared to the revised October estimate of $238.9 billion. Nonresidential construction was at a seasonally adjusted annual rate of $278.6 billion in November, nearly the same as the revised October estimate of $278.5 billion.

In year-over-year figures, residential construction rose 3.4% between November 2011 and November 2010. Residential construction includes both single and multi-family dwellings.