Industry NewsMarkets & Economy

Home construction spending drops

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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 rat...