U.S. Construction Spending Up 3.8% Year-Over-Year

The U.S. Census Bureau has announced that total construction spending during November 2020 was estimated at a seasonally adjusted annual rate of $1,459.4 billion, 0.9% above the revised October estimate of $1,446.9 billion. The November figure is 3.8% above the November 2019 estimate. During the first eleven months of this year, construction spending amounted to $1,314.1 billion, 4.4% above the $1,258.8 billion for the same period in 2019. Spending on private construction was at a seasonally adjusted annual rate of $1,111.8 billion, 1.2% above the revised October estimate. Residential construction was at a seasonally adjusted annual rate of $658.1 billion in November, 2.7% above the revised October estimate. Nonresidential construction was at a seasonally adjusted annual rate of $453.8 billion in November, -0.8% below the revised October estimate. In November, the estimated seasonally adjusted annual rate of public construction spending was $347.6 billion, -0.2% below the revised October estimate of $348.3 billion.