Construction spending decreased slightly by -0.3% in November from the month before, posting at a seasonally adjusted annual rate of $974.976 billion after a 1.1% uptick in October.
However, this is still 2.4% above the November 2013 estimate of $952.531 billion, according to the U.S. Census Bureau.
The decline was impacted by declines in conservation and development (-6.5%), public safety (-5.3%) and health care (-4.4%).
Residential construction was at a seasonally adjusted annual rate of $358.011 billion in November, 0.9% above the October estimate of $354.732 billion.
Private construction spending was a seasonally adjusted annual rate of $277.266 billion, -1.7% below the October estimate of $282.003 billion.
Additionally, private residential construction increased 0.3% from October’s estimate of $349.567 billion, coming in at $352.667 billion.
