Nationwide spending on new-home construction fell 1.6 percent in November, continuing an uneven trajectory in 2009, according to numbers released by the U.S. Census Bureau of the Department of Commerce.

The seasonally adjusted annual rate of total U.S. construction spending was $900.1 billion, about 0.6 percent below the revised October estimate of $905.6 billion and about 13.2 percent below the November 2008 estimate of $1.04 trillion. This rate is a projection of a monthly construction estimate over a 12-month period, adjusted to account for typical seasonal variations in construction activity.

Nationwide spending on new-home construction fell 1.6 percent in November, continuing an uneven trajectory in 2009, according to numbers released by the U.S. Census Bureau of the Department of Commerce.

The seasonally adjusted annual rate of total U.S. construction spending was $900.1 billion, about 0.6 percent below the revised October estimate of $905.6 billion and about 13.2 percent below the November 2008 estimate of $1.04 trillion. This rate is a projection of a monthly construction estimate over a 12-month period, adjusted to account for typical seasonal variations in construction activity.

Private construction drove total spending at $581.2 billion, 0.7 percent below the revised October estimate of $585.5 billion and 20 percent below last November’s estimate of $726.8 billion.

Of private construction, residential spending made up $250.7 billion in November, down 1.6 percent from October’s $254.9 billion and 19.2 percent below last November’s $310.5 billion. The spending rate decreased from last November until April 2009, when it went up slightly.

Spending decreased in May and June; the latter saw the year’s lowest spending amount at $236.9 billion. Spending increased in July and August, and decreased in September. October saw a significant increase to $254.9 billion, followed by November’s slight decrease.

Construction spending during the first 11 months of 2009 amounted to $868.9 billion, or 12.7 percent below the
$994.9 billion for the same period in 2008.

Nonresidential private construction was at a seasonally adjusted annual rate of $330.5 billion in November, largely unchanged from the revised October estimate of $330.6 billion.

The estimated seasonally adjusted annual rate of public construction spending in November was $318.8 billion, 0.4 percent below the revised October estimate of $320.1 billion.

The bureau notes that it may take two months to establish an underlying trend for total construction and as long as eight months for specific categories of construction. It also warns that the statistics in their release are estimated from several sources and surveys and are subject to sampling variability as well as nonsampling error including bias and variance from response, nonreporting and undercoverage.

***

What’s your opinion? Leave your comments below or send a letter to the editor.

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription
×