For the first 11 months of 2014, new construction spending was up 5.7% at an estimated total of $884.6 billion, compared with the 11-month total of $836.9 billion in 2013.
The consensus estimate from economists surveyed by Bloomberg News had called for a rise of 0.5% in construction spending for November.
The seasonally adjusted annual rate of spending on private residential construction rose 0.9% to $352.7 billion, compared with the revised October total of $349.6 billion. Private nonresidential construction slipped 0.3% month-over-month and total private construction spending rose 0.3% to $697.7 billion, compared with a revised October total of $695.7 billion.
In the private sector, single-family residential construction was 12.5% higher than it was a year ago and multifamily construction was up 27.2% from November 2013. Private, nonresidential construction was up 4.7% year-over-year and down 0.3% from October.
In the public sector, seasonally adjusted total spending was up 3.2%, compared with October 2013, and down 1.7% compared with October 2014. Spending on educational facilities fell 2.5% month-over-month, but it was up 2.3% from October 2013 spending. Public residential construction rose 3.5% month-over-month and slipped 5.4% compared with October 2013.
ALSO READ: The Most Dangerous States in America
Take This Retirement Quiz To Get Matched With An Advisor Now (Sponsored)
Are you ready for retirement? Planning for retirement can be overwhelming, that’s why it could be a good idea to speak to a fiduciary financial advisor about your goals today.
Start by taking this retirement quiz right here from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes. Smart Asset is now matching over 50,000 people a month.
Click here now to get started.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.