In November the seasonally adjusted annual rate of construction spending dropped for the first time in 17 months. November’s seasonally adjusted annual rate was $1,122.5 billion, a decrease of 0.4% from October’s revised estimate of $1,127.0 billion. The last decrease in the annual rate was back in June 2014. Construction spending is up 10.5% from a year ago when the annual rate was $1,016.1 billion in November 2014.
Construction spending through the first 11 months of 2015 is at $1,011.9 billion. This is a 10.7% increase from the $913.9 billion spent from January through November 2014.
Private construction spending dipped to a seasonally adjusted annual rate of $828.2 billion for November. This is 0.2% lower than October’s revised estimate of $829.7 billion. Private nonresidential construction spending for November was down 0.7% from October’s revised estimate of $402.9 billion. Total private construction spending is up 12.1% from a year ago. While most of the sectors saw a drop in month-over-month numbers, Office, Amusement & Recreation, Communication and Manufacturing private spending were all up over 27% from a year ago.
The seasonally adjusted annual rate of public construction spending was $294.3 billion in November. This is a 1.0% decrease from October’s revised estimate of $297.3 billion. Public Educational construction spending saw the biggest month-over-month gains, up 5.0% from $67.8 billion in October to $71.2 billion in November.
Due to a processing error in data tabulation on private residential improvement spending, the U.S. Census Bureau revised all the monthly and annual estimates for total construction, total private, total residential and private residential estimates from January 2005 through October 2015.