by Jonathan McGaha | 9 January 2013 12:00 am
Despite a pent-up demand for construction activity, the nation’s nonresidential construction spending slipped 0.6 percent in November, with outlays decreasing to a seasonally adjusted annual rate of $564.1 billion, according to the Jan. 2 report by the U.S. Census Bureau. Year-over-year, total nonresidential construction spending is up 2.9 percent.
Both private and public nonresidential construction spending was down for the month. Private spending fell 0.7 percent and public spending was down 0.5 percent. Private nonresidential construction was up 8.2 percent from the same time last year, while public nonresidential construction spending was down 2.3 percent over the same period.
Construction sectors posting the largest monthly decreases include conservation and development, down 13.5 percent; religious, down 6 percent; and amusement and recreation, down 5.7 percent. Construction sectors with the largest year-over-year decreases in spending include conservation and development, down 16.3 percent; religious, down 9.9 percent; public safety, down 7.2 percent; highway and street, down 5.8 percent; and amusement and recreation, down 5.6 percent.
Only four nonresidential construction sectors posted increases for the month, including communication, up 3.3 percent; sewage and waste disposal, up 1.4 percent; transportation, up 1.3 percent; and highway and street, up 0.4 percent. Seven sectors maintained spending above levels from one year ago, including transportation, up 22.7 percent; lodging, up 21.9 percent; power, up 13.4 percent; commercial, up 5.7 percent; manufacturing, up 4.6 percent; communication, up 4.1 percent; and office, up 2.8 percent.
Residential construction spending increased 0.4 percent for the month and is up 18 percent from the same time last year.
Overall, total construction spending-which includes both nonresidential and residential spending-was down 0.3 percent for the month and is up 7.7 percent compared to November 2011.
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