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.
FEA compiles the Wood Markets News from various 3rd party sources to provide readers with the latest news impacting forest product markets. Opinions or views expressed in these articles do not necessarily represent those of FEA.
MONTHLY CONSTRUCTION SPENDING, NOVEMBER 2021