Economy Watch: Construction Spending Edged Up in November
- Jan 04, 2017
The Census Bureau reported on Tuesday that U.S. construction spending during November 2016 came in at an annualized rate of $1,182.1 billion, or 0.9 percent above the October total. The November figure is also 4.1 percent above the November 2015 rate of construction spending.
During the first 11 months of 2016, construction spending totaled $1,070.9 billion, or 4.4 percent above the total for the same period in 2015. Construction spending in both the private and public sectors grew for the month.
Private spending was up 1 percent, while public spending was up 0.8 percent. For the year, private spending grew by 4.6 percent, while public spending grew by 2.6 percent.
Winning categories in private construction spending included multifamily, down 2.7 percent for the month but up 10.7 percent for the year (apartment development tends to be volatile.) Spending on private office construction was up 31 percent for the year and spending on hotel projects grew 29.7 percent. Spending on private transportation, manufacturing and health care were all down for the year in November.