Construction spending during November 2009 was estimated at a seasonally adjusted annual rate of $900.1 billion, 0.6% lower than the revised October 2009 estimate of $905.6 billion and 13.2% below the November 2008 estimate of $1.037 trillion. During the first 11 months of 2009, construction spending amounted to $868.9 billion, 12.7% below the $994.9 billion for the same period in 2008. (Note these are estimates and subject to change.)

Residential spending declined 1.6% from $263 billion in October 2009 to $258.9 billion in November 2009, which in turn was 18.6% lower than November 2008, when spending was estimated at $318 billion.

Nonresidential construction declined marginally (0.2%) from an estimated $642.6 billion in October 2009 to $641.2 billion in November 2009, which in turn was 10.9% lower than November 2008, when spending was estimated at $719.3 billion. Private nonresidential construction declined 0.7% from $330.6 billion in October 2009 to $330.5 billion in November 2009. Public nonresidential construction declined 0.4% from $312 billion in October 2009 to $310.7 billion in November 2009.

Craig DiLouie

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