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Economic Perspectives
Construction Spending Down 0.6 Percent; Prior Two Months Upwardly Revised
In November, construction spending fell 0.6 percent to a seasonally adjusted annualized pace of $1.078 trillion. This followed an upwardly revised decline of 0.4 percent in October (previously -1.2 percent). From a year prior, construction spending was 3.3 percent lower.
The decline was due to a large 4.2 percent drop in residential spending, which has been decelerating for three continuous months. Spending was 23.4 percent lower than a year prior. Private, non-residential spending rose 0.7 percent following an upwardly revised decline of 0.4 percent (previously -0.7 percent). From a year prior spending was up 10.3 percent. Public construction spending rose 1.4 percent and was 7.9 percent higher than a year prior.
|
(month ago % change) |
Nov |
Oct |
Sep |
Aug |
Jul |
|
Total |
-0.6 |
-0.4 (-1.2) |
0.3 (0.0) |
2.4 |
-2.4 |
|
Private |
-1.5 |
-1.2 (-2.0) |
1.0 (0.4) |
2.3 |
-3.7 |
|
Residential |
-4.2 |
-2.1 (-3.5) |
-0.8 (-0.5) |
5.5 |
-6.2 |
|
Non-Residential |
0.7 |
-0.4 (-0.7) |
2.6 (1.1) |
-0.2 |
-1.6 |
|
Public |
1.4 |
1.7 (0.7) |
-1.4 (-0.9) |
2.7 |
0.7 |
*Previously reported values in ()
09.01.05 (Source: Census Bureau)
Questions? Please contact Eric Brescia for more information.
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