Keeping you up to date on the latest data releases.
- Construction Spending
Total construction spending rose 0.4 percent in November on gains to both residential and nonresidential outlays, as well as total private and public spending. November marked the smallest of three consecutive advances, landing year-over-year growth in its best shape since April 2008, from −8.8 percent up to −6.0 percent. Total private construction managed a paltry 0.3 percent gain over the month, due to a 0.7 percent increase in residential spending, as nonresidential spending slipped down 0.1 percent on declines in manufacturing, communication, and office outlays. Private nonresidential spending continues to be the main setback in overall construction expansion.
Private spending still falls below year-ago levels (−11.5 percent), but has improved from a trough of −23.8 percent in July 2009. Private residential has made the most progress on a year-over-year basis, with growth currently at −5.3 percent, compared to −16.5 percent for private nonresidential spending. Public outlays rose 0.7 percent in November, boosting 12-month growth to 4.2 percent. The gain in public spending was driven by office, educational, water supply, and conservation and development outlays.