Construction Spending Climbs Slightly in November 2018, Up 3.4% Year-over-Year

Delayed November monthly report also indicates a 4.5% increase in construction spending for the first 11 months of 2018 over 2017

U.S. Census Bureau
Census2

The U.S. Census Bureau’s Monthly Construction Spending Report for November, delayed by the prolonged government shutdown, indicates a 0.8% (+/-1.3%) increase for the month to a seasonally adjusted annual rate of $1,299.9 billion, vs. the revised October estimate of $1,289.7 billion. The November figure is 3.4% (+/-1.5%) above year-ago levels. Construction spending amounted to $1,200.7 billion for the first 11 months of 2018, a 4.5% (+/-1.2%) increase over the same period in 2017.

Spending on private construction was at a seasonally adjusted annual rate of $993.4 billion, 1.3% (±0.8%) above the revised October estimate of $980.4 billion. Residential construction was at a seasonally adjusted annual rate of $542.5 billion in November, 3.5% (±1.3%) above the revised October estimate of $524.2 billion. Nonresidential construction was at a seasonally adjusted annual rate of $450.8 billion in November, 1.2% (±0.8%) below the revised October estimate of $456.1 billion.

In November, the estimated seasonally adjusted annual rate of public construction spending was $306.5 billion, 0.9% (±2.3%)* below the revised October estimate of $309.3 billion. Educational construction was at a seasonally adjusted annual rate of $76.7 billion, 2.0% (±1.6%)* below the revised October estimate of $78.3 billion. Highway construction was at a seasonally adjusted annual rate of $93.4 billion, 1.7% (±5.6%)* above the revised October estimate of $91.8 billion.

The U.S. Census Bureau is updating its 2019 economic indicator release calendar in coordination with other agencies and the Office of Management and Budget to address the impacts of the recent lapse in federal funding. Please refer to https://www.census.gov/economic-indicators/ for the latest information on the rescheduled release dates. The full text and tables for this release can be found at https://www.census.gov/construction/c30/c30index.html.

*The 90% confidence interval includes zero. There is insufficient evidence to conclude that the actual change is different from zero.

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