On Monday (1-3-22) The U.S. Census Bureau reported that total construction spending during November 2021 was estimated at a seasonally adjusted annual rate (SAAR) of $1,625.9 billion, 0.4% above the revised October estimate of $1,618.8 billion. The November figure is 9.3% above the November 2020 estimate of $1,487. billion. During the first 11-months of this year, construction spending amounted to $1,463.2 billion, 7.9% above the $1,355.6 billion for the same period in 2020.
Private construction spending was at a SAAR of $1,273.6 billion, 0.9% above the revised October estimate of $1,265.8 billion. Residential construction was at a SAAR of $796.3 billion in November, 0.9% above the revised October estimate of $789.1 billion. Nonresidential construction was at a SAAR of $477.3 billion in November, 0.1% above the revised October estimate of $476.6 billion.
In November, the estimated SAAR of public construction spending was $352.3 billion which is -0.2% below the revised October estimate of $353.0 billion. Educational construction was at SAAR of $82.3 billion, 0.3% above the revised October estimate of $82.1 billion. Highway construction was at a SAAR of $102.2 billion, -0.8% below the October estimate of $103.0 billion.
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