Industry News

Real estate construction spending rises

Annualized rate for residential sector up nearly 10% since late 2004

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Construction spending during November 2005 was estimated at a seasonally adjusted annual rate of about $1.15 trillion, or 0.2 percent above the revised October estimate and 7.8 percent above the November 2004 estimate, the U.S. Census Bureau announced today. During the first 11 months of this year, construction spending amounted to about $1.03 trillion, or 9 percent above the $946.3 billion for the same period in 2004. Spending on private construction was at a seasonally adjusted annual rate of about $892.4 billion, or 0.2 percent above the revised October estimate of $891 billion. Private residential construction spending was at a seasonally adjusted annual rate of about $641.9 billion in November, which is nearly level with the revised October estimate and is 9.7 percent higher than in November 2004. Nonresidential construction was at a seasonally adjusted annual rate of about $250.5 billion in November, or 0.6 percent above the revised October estimate of $249 billion. The seasona...