November Construction Spending Disappoints; Remains Strong for Year

Posted To: MND NewsWire

Both public and private spending on construction eased back slightly in November. The Census Bureau said on Monday that total construction spending in the U.S. during the month was at a seasonally adjusted annual rate of $1,122.5 billion, an 0.4 percent decline from the October rate of 1.127.0 billion. Spending was still well above a year earlier, up 10.5 percent from the November 2014 pace of $1,016.1 billion. The monthly number was wildly off of analysts' expectations of positive numbers ranging from 0.5 percent to 1.2 percent. The consensus reported by Bloomberg was an 0.7 percent gain. On an unadjusted basis November spending fell to $93.7 billion from $102.7 billion in October. Year to date spending through the end of October was 1,011.9 billion compared to $913.9 billion to the same point...(read more)

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