Industry News

Residential construction spending falls for eighth straight month

More money spent on schools, highways in November

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

The rate of private residential construction spending fell for the eighth consecutive month in November and dropped 11.1 percent compared to the November 2005 level, the U.S. Census Bureau announced today. The seasonally adjusted annual rate of private residential construction spending was $589.3 million in November, compared with $663.1 million in November 2005. The rate -- a projection of a monthly construction total over a 12-month period, adjusted for seasonal fluctuations in activity -- had reached a record $665.6 million in December 2005 for private residential construction spending. During the first 11 months of the year total construction spending -- including residential and nonresidential construction -- amounted to about $1.11 trillion, or 5.4 percent above spending for the same period last year. Total construction spending in November was estimated at a seasonally adjusted annual rate of about $1.18 trillion, which is 0.2 percent below the revised October estimate and...