November 2014 construction spending was estimated at a seasonally adjusted annual rate of $975 billion, 0.3 percent below the revised October estimate of $977.7 billion, according to the U.S. Census Bureau of the Department of Commerce. The November figure is 2.4 percent above the November 2013 estimate of $925.5 billion.
During the first 11 months of this year, construction spending amounted to $884.6 billion, 5.7 percent above the same period in 2013.
Spending on private construction was at a seasonally adjusted annual rate of $697.7 billion, 0.3 percent above the revised October estimate of $695.7 billion. Residential construction was at a seasonally adjusted annual rate of $352.7 billion in November, 0.9 percent above the revised October estimate of $349.6 billion. Nonresidential construction was at a seasonally adjusted annual rate of $345 billion in November, 0.3 percent below the revised October estimate of $346.1 billion.
In November, the estimated seasonally adjusted annual rate of public construction spending was $277.3 billion, 1.7 percent below the revised October estimate of $282 billion. Educational construction was at a seasonally adjusted annual rate of $62.1 billion, 2.5 percent below the revised October estimate of $63.8 billion. Highway construction was at a seasonally adjusted annual rate of $85.7 billion, 0.3 percent above the revised October estimate of $85.4 billion.
