Industry News

Real estate construction spending hovers near $1 trillion

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Private residential construction spending was at $554.7 million in November, up 10 percent from November 2003 but down 0.4 percent from October 2004, the U.S. Census Bureau reported today. The November spending total is a seasonally adjusted annual rate that projects a monthly total over a 12-month period. Overall construction spending was at a seasonally adjusted annual rate of $1.01 trillion in November 2004, which was 0.4 percent (plus or minus 1.4 percent) below the revised October estimate and 6.9 percent (plus or minus 2.1 percent) above the November 2003 estimate, the Census Bureau also reported. During the first 11 months of this year, construction spending amounted to $920.3 billion, which is 9 percent (plus or minus 1.4 percent) above the $844.3 billion for the same period in 2003. Spending on private construction was at a seasonally adjusted annual rate of $777.1 billion, which is 0.6 percent (plus or minus 1.6 percent) below the revised October estimate of $781.7 billi...