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November Construction Spending Disappoints; Remains Strong for Year

Monday, January 4, 2016

Both public and private spending on construction eased back slightly in November.  The Census Bureau said on Monday that total construction spending in the U.S. during the month was at a seasonally adjusted annual rate of $1,122.5 billion, an 0.4 percent decline from the October rate of 1.127.0 billion.  Spending was still well above a year earlier, up 10.5 percent from the November 2014 pace of $1,016.1 billion.

The monthly number was wildly off of analysts' expectations of positive numbers ranging from 0.5 percent to 1.2 percent.  The consensus reported by Bloomberg was an 0.7 percent gain.

 

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