real estate

Construction spending rose in November

Posted 1/6/12

WASHINGTON – National construction spending rose 1.2 percent in November 2011 from October 2011 and .5 percent compared with the same period in 2010, the U.S. Census Bureau said this week.

The government estimated seasonally-adjusted spending on construction reached $807.1 billion in November, up from 797.4 billion in October and from $803 billion in November 2010.

Of that total, $522.3 billion was spending on private construction, up 1 percent from October, while $284.9 was spent on public projects, up 1.7 percent from October.

Out of the total in private construction spending during November, $243.7 billion was in residential projects, up 2 percent from October.

Out of public construction in November, spending on education projects rose .5 percent and highway spending rose 1.9 percent from October.

In response to the new construction spending numbers, Associated General Contractors of America Chief Economist Ken Simonson said the results showed progress, but warned that spending on public projects could retreat again in the months ahead because of cuts in federal programs.

“Several segments of construction appear to be climbing out of a hole,” Simonson said. “The new year should reinforce recent year-over-year gains in apartment, power, manufacturing and private transportation construction. But November’s upturns in single-family homebuilding and public construction may not be sustainable.”

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