In November growth in construction spending slows

Construction Spending

Outlays for U.S. construction projects continue to grow but on the slower pace, mainly because of slow construction spending for lodging. Construction spending including food services grew in November by 0.6 % on the seasonally adjusted basis to annual rate at $1324.1 billion, reported by the Commerce Department. Growth of residential construction in the last month, shows that more Americans are able to afford to buy own home. Construction spending is closely watched by investors and economists for signs of whether the economy is growing or shrinking.October outlays for U.S. construction projects were revised to $1316.8 billion to show 1.8 % growth.

U.S. construction spending increased by 1.9 % from Nov. 2018, led by public spending. Spending on private construction has climbed by 1.9 % on the seasonally adjusted basis. Investors often use nonresidential construction spending as indicator of investment sentiment in each sector, as increase in construction spending represents growth in long term investment and signals expansion. Private construction outlays fell by -1.2 % from Nov. 2018.

	*M/M*	*Y/Y*
• Commercial	-0.98%	-4.81%
• Office	-0.02%	7.57 %
• Transportation	1.01%	4.74 %
• Power	-1.05%	-1.04%
• Manufacturing	-2.40%	10.82 %
• Lodging	-3.52%	-4.47%



Public Construction Spending
October outlays for U.S. construction projects were revised to $1316.8 billion to show 1.8 % growth. Outlays for public construction increased by 0.9 % more then double the rate, of total construction growth on the seasonally adjusted basis, outlays for nonresidential construction increased above average for educational, power, highway and street projects. Public outlays for commercial buildings fell. Growth in public construction spending is very volatile and often it does not reflect current economic contidions. From the same month a year ago, public construction outlays jumped by 10.5 %.

Construction Spending Seasonally Adjusted ( in millions $) Annual Rate	Nov. 2019 Prel.	Oct. 2019 Rest.	Sep. 2019 Prel.	Aug. 2019 Rest.	July 2019 Prel.
Total Construction	1,324,122	1,316,764	1,293,614	1,287,054	1,288,794
Residential	543,059	533,414	517,977	515,054	512,777
Nonresidential	781,063	783,351	775,637	772,000	776,017
Lodging	31,966	33,132	33,253	33,666	34,663
Office	80,040	80,059	79,778	79,552	78,943
Commercial	83,248	84,071	81,957	82,470	82,552
Health care	43,662	43,691	43,605	43,291	44,761
Educational	102,029	102,433	97,183	94,533	90,845
Religious	2,872	2,905	2,659	2,719	2,622
Public safety	10,605	11,093	10,289	10,488	10,500
Amusement & recreation	27,206	27,039	27,170	28,184	27,802
Transportation	55,531	54,976	55,564	55,654	56,179
Power	97,323	98,359	95,581	96,770	99,518
Highway & street	96,747	94,699	98,263	95,759	97,314
Sewage & waste disposal	27,075	27,142	27,303	27,196	27,848
Water supply	18,147	17,628	17,839	16,905	17,338
Conservation & development	9,708	9,770	9,171	9,405	9,722
Manufacturing	71,506	73,262	72,502	71,667	72,491

Total Private Construction	536,089	526,349	511,419	508,449	506,743
Residential	536,089	526,349	511,419	508,449	506,743
New single family	280,661	277,460	274,612	271,120	268,138
New multi-family	59,118	59,101	61,533	61,993	62,458
Nonresidential	449,394	454,729	450,251	451,410	456,396
Lodging	30,710	31,914	32,366	32,782	33,691
Office	68,733	68,834	69,022	68,799	68,547
Commercial	79,074	79,515	77,415	78,033	77,899
Health care	34,785	34,924	34,502	34,222	35,691
Educational	18,086	18,450	18,318	18,073	17,572
Religious	2,872	2,905	2,659	2,719	2,622
Amusement & recreation	13,349	13,308	13,429	13,753	13,951
Transportation	16,196	16,339	16,505	16,395	16,234
Communication	23,298	22,997	23,416	23,620	22,818
Power	89,722	91,140	88,944	90,197	93,596
Manufacturing	71,150	72,933	72,290	71,415	72,250

Total Public Construction	338,639	335,687	331,944	327,195	325,655
Residential	6,970	7,065	6,558	6,605	6,035
Nonresidential	331,669	328,622	325,386	320,591	319,621
Office	11,307	11,225	10,756	10,753	10,396
Commercial	4,174	4,557	4,542	4,437	4,653
Health care	8,876	8,767	9,103	9,070	9,070
Educational	83,943	83,982	78,864	76,459	73,273
Public safety	10,478	10,964	10,078	10,246	10,269
Amusement & recreation	13,857	13,731	13,741	14,431	13,850
Transportation	39,335	38,637	39,059	39,259	39,944
Power	7,601	7,219	6,638	6,573	5,922
Highway & street	96,436	94,315	97,982	95,482	97,011
Sewage & waste disposal	26,505	26,558	26,732	26,647	27,186
Water supply	17,816	17,334	17,560	16,622	17,049
Conservation & development	9,628	9,691	9,129	9,354	9,681

Construction Spending by Month and Category Year on Year Growth at Annual Rate

Construction Spending Seasonally Adjusted Annuall Rate ( Y/Y in % )	Nov. 2019 Prel.	Oct. 2019 Rest.	Sep. 2019 Prel.	Aug. 2019 Rest.	July 2019 Prel.
Total Construction	1.87 %	0.6 %	-2.7 %	-2.38 %	-2.17 %
Residential	-0.97 %	-2.14 %	-7.89 %	-7.32 %	-8.39 %
Nonresidential	3.93 %	2.56 %	1.11 %	1.21 %	2.42 %
Lodging	-4.47 %	-3.5 %	-0.11 %	5.99 %	11.45 %
Office	7.57 %	5.31 %	8.8 %	7.67 %	8.85 %
Commercial	-4.81 %	-5.2 %	-10.59 %	-9.67 %	-10.48 %
Health care	6.46 %	3.04 %	2.46 %	3.17 %	7.79 %
Educational	3.36 %	3.58 %	0.73 %	2.05 %	-1.28 %
Religious	-6.6 %	-1.86 %	-8.22 %	-4.09 %	-8.35 %
Public safety	11.8 %	16.19 %	7.89 %	7.15 %	8.01 %
Amusement & recreation	-1.54 %	-3.01 %	-2.95 %	3.24 %	4.57 %
Transportation	4.74 %	2.84 %	3.53 %	3 %	3.94 %
Power	-1.04 %	-1 %	-5.89 %	-4.03 %	-2.56 %
Highway & street	3.31 %	-0.1 %	3.08 %	-3.47 %	-0.27 %
Sewage & waste disposal	22.4 %	22.14 %	22.69 %	19.01 %	23.95 %
Water supply	37.06 %	24.45 %	20.4 %	6.07 %	13.68 %
Conservation & development	23.72 %	20.54 %	-3.25 %	-2.4 %	7.44 %
Manufacturing	10.82 %	9.18 %	6.31 %	12.2 %	13.03 %

Total Private Construction	-1.19 %	-2.34 %	-8.09 %	-7.37 %	-8.37 %
Residential	-1.19 %	-2.34 %	-8.09 %	-7.37 %	-8.37 %
New single family	1.13 %	-1.82 %	-3.05 %	-4.84 %	-6.52 %
New multi-family	-8.67 %	-4.73 %	-4.2 %	5.88 %	4.86 %
Nonresidential	-0.32 %	-1.09 %	-2.95 %	-0.32 %	0.55 %
Lodging	-3.59 %	-3.14 %	1.16 %	8.41 %	11.9 %
Office	5.59 %	3.61 %	7.41 %	8.35 %	8.8 %
Commercial	-5.64 %	-6.14 %	-12.15 %	-11.23 %	-12.16 %
Health care	10.74 %	6.2 %	3.59 %	7.58 %	13.32 %
Educational	-17.92 %	-16.09 %	-16.39 %	-10.94 %	-13.74 %
Religious	-5.15 %	-1.32 %	-8.22 %	-4.09 %	-8.35 %
Amusement & recreation	-10.61 %	-11.32 %	-12.42 %	-8.06 %	-5.01 %
Transportation	-8.37 %	-6.86 %	-7.94 %	-8.36 %	-8.07 %
Communication	0.05 %	-2.76 %	-1.68 %	-3.83 %	-6.47 %
Power	-2.74 %	-2.67 %	-6.89 %	-4.66 %	-2.36 %
Manufacturing	10.56 %	9.23 %	6.66 %	12.86 %	13.36 %

Total Public Construction	10.48 %	8.23 %	7.39 %	3.3 %	4.87 %
Residential	19.23 %	15.67 %	11.21 %	-3.7 %	-10.22 %
Nonresidential	10.31 %	8.08 %	7.32 %	3.46 %	5.21 %
Office	21.45 %	17.07 %	18.72 %	3.5 %	9.19 %
Commercial	14.11 %	14.73 %	28.2 %	30.46 %	31.63 %
Health care	-7.56 %	-7.87 %	-1.58 %	-10.65 %	-9.6 %
Educational	9.48 %	9.21 %	5.77 %	5.7 %	2.26 %
Public safety	12.17 %	16.44 %	7.32 %	6.25 %	7.59 %
Amusement & recreation	9.13 %	6.68 %	8.5 %	16.94 %	16.38 %
Transportation	11.29 %	7.58 %	9.29 %	8.62 %	9.76 %
Power	24.67 %	26.25 %	9.94 %	5.44 %	-5.69 %
Highway & street	3.27 %	-0.25 %	2.95 %	-3.57 %	-0.32 %
Sewage & waste disposal	22.45 %	22.51 %	23.12 %	18.54 %	23.04 %
Water supply	36.69 %	24.89 %	20.19 %	6.05 %	13.4 %
Conservation & development	22.93 %	19.82 %	-3.51 %	-2.77 %	7.2 %

Construction Spending by Month and Category Month on Month Growth at Annual Rate

Construction Spending Seasonally Adjusted Annuall Rate ( M/M in % )	Nov. 2019 Prel.	Oct. 2019 Rest.	Sep. 2019 Prel.	Aug. 2019 Rest.	July 2019 Prel.
Total Construction	0.56 %	1.79 %	0.51 %	-0.14 %	0.14 %
Residential	1.81 %	2.98 %	0.57 %	0.44 %	-0.09 %
Nonresidential	-0.29 %	0.99 %	0.47 %	-0.52 %	0.29 %
Lodging	-3.52 %	-0.36 %	-1.23 %	-2.88 %	0.97 %
Office	-0.02 %	0.35 %	0.28 %	0.77 %	-0.01 %
Commercial	-0.98 %	2.58 %	-0.62 %	-0.1 %	-0.62 %
Health care	-0.07 %	0.2 %	0.73 %	-3.28 %	4.6 %
Educational	-0.39 %	5.4 %	2.8 %	4.06 %	0.19 %
Religious	-1.14 %	9.25 %	-2.21 %	3.7 %	-4.69 %
Public safety	-4.4 %	7.81 %	-1.9 %	-0.11 %	6.05 %
Amusement & recreation	0.62 %	-0.48 %	-3.6 %	1.37 %	0.13 %
Transportation	1.01 %	-1.06 %	-0.16 %	-0.93 %	-1.07 %
Power	-1.05 %	2.91 %	-1.23 %	-2.76 %	1.11 %
Highway & street	2.16 %	-3.63 %	2.61 %	-1.6 %	-4.79 %
Sewage & waste disposal	-0.25 %	-0.59 %	0.39 %	-2.34 %	4.07 %
Water supply	2.94 %	-1.18 %	5.52 %	-2.5 %	7.8 %
Conservation & development	-0.63 %	6.53 %	-2.49 %	-3.26 %	8.47 %
Manufacturing	-2.4 %	1.05 %	1.17 %	-1.14 %	1.91 %

Total Private Construction	1.85 %	2.92 %	0.58 %	0.34 %	-0.1 %
Residential	1.85 %	2.92 %	0.58 %	0.34 %	-0.1 %
New single family	1.15 %	1.04 %	1.29 %	1.11 %	1.73 %
New multi-family	0.03 %	-3.95 %	-0.74 %	-0.74 %	-5.65 %
Nonresidential	-1.17 %	0.99 %	-0.26 %	-1.09 %	0.15 %
Lodging	-3.77 %	-1.4 %	-1.27 %	-2.7 %	1.52 %
Office	-0.15 %	-0.27 %	0.32 %	0.37 %	0.53 %
Commercial	-0.55 %	2.71 %	-0.79 %	0.17 %	-1.02 %
Health care	-0.4 %	1.22 %	0.82 %	-4.12 %	4.06 %
Educational	-1.97 %	0.72 %	1.36 %	2.85 %	-0.77 %
Religious	-1.14 %	9.25 %	-2.21 %	3.7 %	-4.69 %
Amusement & recreation	0.31 %	-0.9 %	-2.36 %	-1.42 %	-4.43 %
Transportation	-0.88 %	-1.01 %	0.67 %	0.99 %	-11.98 %
Communication	1.31 %	-1.79 %	-0.86 %	3.51 %	-1.05 %
Power	-1.56 %	2.47 %	-1.39 %	-3.63 %	1.28 %
Manufacturing	-2.44 %	0.89 %	1.23 %	-1.16 %	1.9 %

Total Public Construction	0.88 %	1.13 %	1.45 %	0.47 %	0.49 %
Residential	-1.34 %	7.73 %	-0.71 %	9.44 %	0.37 %
Nonresidential	0.93 %	0.99 %	1.5 %	0.3 %	0.5 %
Office	0.73 %	4.36 %	0.03 %	3.43 %	-3.44 %
Commercial	-8.4 %	0.33 %	2.37 %	-4.64 %	6.67 %
Health care	1.24 %	-3.69 %	0.36 %	0 %	6.82 %
Educational	-0.05 %	6.49 %	3.15 %	4.35 %	0.42 %
Public safety	-4.43 %	8.79 %	-1.64 %	-0.22 %	6.06 %
Amusement & recreation	0.92 %	-0.07 %	-4.78 %	4.19 %	5.16 %
Transportation	1.81 %	-1.08 %	-0.51 %	-1.71 %	4.17 %
Power	5.29 %	8.75 %	0.99 %	10.99 %	-1.51 %
Highway & street	2.25 %	-3.74 %	2.62 %	-1.58 %	-4.83 %
Sewage & waste disposal	-0.2 %	-0.65 %	0.32 %	-1.98 %	4.23 %
Water supply	2.78 %	-1.29 %	5.64 %	-2.5 %	7.73 %
Conservation & development	-0.65 %	6.16 %	-2.41 %	-3.38 %	8.39 %

Source U.S. Department of Commerce Picture Autor: (Badseed) licence GNU.

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