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January 5, 2009

U.S. Construction Spending in November Down 0.6% From October

By MDM Staff

U.S. construction spending in November 2008 was $1,078.4 billion, 0.6% below the revised October estimate. November is 3.3% below November 2007. Year-to-date, construction spending is $998.4 billion, 5.3% below the same period in 2007, according to the U.S. Census Bureau of the Department of Commerce.
 
Spending on private construction was at a seasonally adjusted annual rate of $756.4 billion, 1.5% below the revised October estimate. Residential construction was at a seasonally adjusted annual rate of $328.3 billion in November, 4.2% below October. Nonresidential construction was at a seasonally adjusted annual rate of $428.2 billion in November, 0.7% above October.
 
In November, the estimated seasonally adjusted annual rate of public construction spending was $322.0 billion, 1.4% above October. Educational construction was at a seasonally adjusted annual rate of $88.7 billion, 1.3% above October. Highway construction was at a seasonally adjusted annual rate of $83.9 billion, 1.3% above October.

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