U.S. construction spending dips in November
The U.S. Census Bureau has reported that construction spending across the country declined 0.3 percent in November, after having gained 1.2 percent in October.
The slight overall downturn for the month resulted from a decline in government spending on infrastructure. Private construction spending in November was up slightly, 0.3 percent, over October, with homebuilding up 1 percent for the month, according to the report released Friday. But construction on public projects such as schools, roads, and health care facilities was down 1.7 percent from October’s spending.
While the estimated, seasonally adjusted spending for the month fell 0.3 percent, the November 2014 figure was 2.4 percent higher than spending on construction in November 2013.
Construction activity was up overall in 2014 compared with 2013. For the first 11 months of 2014, the Census Bureau, part of the U.S. Commerce Department, reported that spending on construction was 5.7 percent higher than for the same period in 2013. January-to-November spending was $884.6 billion in 2014, $836.9 billion in 2013.
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