The U.S. Census Bureau of the Department of Commerce announced that construction spending during November 2014 was estimated at a seasonally adjusted annual rate of $975.0 billion, 0.3 percent (±1.5 percent) below the revised October estimate of $977.7 billion. The November figure is 2.4 percent (±1.6 percent) above the November 2013 estimate of $952.5 billion.
During the first 11 months of this year, construction spending amounted to $884.6 billion, 5.7 percent (±1.3 percent) above the $836.9 billion for the same period in 2013.
In November, the estimated seasonally adjusted annual rate of public construction spending was $277.3 billion, 1.7 percent (±2.5 percent) below the revised October estimate of $282.0 billion.
Highway construction was at a seasonally adjusted annual rate of $85.7 billion, 0.3 percent (±5.4 percent) above the revised October estimate of $85.4 billion. Educational construction was at a seasonally adjusted annual rate of $62.1 billion, 2.5 percent (±3.1 percent) below the revised October estimate of $63.8 billion.
- Spending on private construction was at a seasonally adjusted annual rate of $697.7 billion, 0.3 percent (±1.0 percent) above the revised October estimate of $695.7 billion.
- Residential construction was at a seasonally adjusted annual rate of $352.7 billion in November, 0.9 percent (±1.3 percent) above the revised October estimate of $349.6 billion.
- Nonresidential construction was at a seasonally adjusted annual rate of $345.0 billion in November, 0.3 percent (±1.0 percent) below the revised October estimate of $346.1 billion.