Construction spending during November 2018 was estimated at a seasonally adjusted annual rate of $1,299.9 billion, 0.8% (±1.3%)* above the revised October estimate of $1,289.7 billion, the Commerce Department reported Friday.
The November figure is 3.4% (±1.5%) above the November 2017 estimate of $1,257.3 billion. During the first eleven months of this year, construction spending amounted to $1,200.7 billion, 4.5% (±1.2%) above the $1,149.3 billion for the same period in 2017.
Spending on private construction was at a seasonally adjusted annual rate of $993.4 billion, 1.3% (±0.8%) above the revised October estimate of $980.4 billion. Residential construction was at a seasonally adjusted annual rate of $542.5 billion in November, 3.5% (±1.3%) above the revised October estimate of $524.2 billion. Single-family construction was off 1.8% from October and 1% behind November, 2017.
Nonresidential construction was at a seasonally adjusted annual rate of $450.8 billion in November, 1.2% (±0.8%) below the revised October estimate of $456.1 billion.
In November, the estimated seasonally adjusted annual rate of public construction spending was $306.5 billion, 0.9% (±2.3%)* below the revised October estimate of $309.3 billion. Educational construction was at a seasonally adjusted annual rate of $76.7 billion, 2.0% (±1.6%)* below the revised October estimate of $78.3 billion. Highway construction was at a seasonally adjusted annual rate of $93.4 billion, 1.7% (±5.6%)* above the revised October estimate of $91.8 billion.
