Census Bureau report also shows 4.1% gain from year-earlier spending figure
Engineering News-Record | By Tom Ichniowski
January 3, 2017
Construction spending in November edged up 0.9% from October’s level, to a $1.182-trillion seasonally adjusted annual rate, which also represented a 4.1% gain year over year, the Commerce Dept.’s U.S. Census Bureau has reported.
In its monthly report on construction put in place, released on Jan. 3, the bureau said that spending for 2016’s first 11 months climbed 4.4% from the same period in 2015, to $1.071 trillion.
Ken Simonson, Associated General Contractors of America chief economist, noted that November’s $1.182-trillion rate is the highest since April 2006.
Simonson said in a statement, “These numbers confirm what contractors have been reporting—that there was no letup in demand last year.”
Nonresidential construction moved up 0.8% in November from October’s total and 4.9% year over year, to a $712.4-billion annual rate.
Anirban Basu, Associated Builders and Contractors chief economist, pointed out that nonresidential’s November rate was the strongest in eight years. He said in a statement that that sector’s “momentum should build further.”