Construction spending in November 2009
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PrintThe U.S. construction spending during November 2009 was estimated at a seasonally adjusted annual rate of $900.1 billion, according to an announcement by the Commerce Department. This figure is slightly below construction spending in October 2009.
The November 2009 figure is 13.2% below the same period in 2008.
Construction spending in the first 11 months of 2009
The Commerce Department's release also states that during the first 11 months of 2009, construction spending amounted to $868.9 billion, which is 12.7% below the $994.9 billion for the same period in 2008.
Private construction spending
Spending on private construction was at a seasonally adjusted annual rate of $581.2 billion, that is 20% below the same period in 2008. Residential construction was at a seasonally adjusted annual rate of $250.7 billion in November, a 19% decrease from last year. Nonresidential construction was at a seasonally adjusted annual rate of $330.5 billion in November, with a similar decrease from last year of 20.6%.
Construction sub-sectors with a large decrease in spending for 2009
The following sub-sectors of the construction industry have seen a large decrease in spending on a seasonally adjusted annual rate in 2009 compared to the same period in 2008. They are commercial construction at $53.6 billion down about 32.2%; lodging construction at $23.7 billion down 28.4%; and manufacturing construction at $69.4 billion down about 26.1%.
