The U.S. Census Bureau of the Department of Commerce announced that construction spending during November 2012 was estimated at a seasonally adjusted annual rate of $866.0 billion, 0.3 percent (±1.6%) below the revised October estimate of $868.2 billion. The November figure is 7.7 percent (±2.0%) above the November 2011 estimate of $804.0 billion.

During the first 11 months of this year, construction spending amounted to $781.4 billion, 9.2 percent (±1.3%) above the $715.4 billion for the same period in 2011.

Private Construction

Spending on private construction was at a seasonally adjusted annual rate of $589.8 billion, 0.2 percent (±1.3%) below the revised October estimate of $590.8 billion. Residential construction was at a seasonally adjusted annual rate of $295.3 billion in November, 0.4 percent (±1.3%) above the revised October estimate of $294.2 billion. Nonresidential construction was at a seasonally adjusted annual rate of $294.5 billion in November, 0.7 percent (±1.3%) below the revised October estimate of $296.5 billion.

Public Construction

In November, the estimated seasonally adjusted annual rate of public construction spending was $276.2 billion, 0.4 percent (±2.3%) below the revised October estimate of $277.4 billion. Educational construction was at a seasonally adjusted annual rate of $66.8 billion, nearly the same as (±3.5%) the revised October estimate of $66.8 billion. Highway construction was at a seasonally adjusted annual rate of $77.8 billion, 0.5 percent (±5.3%) above the revised October estimate of $77.4 billion.