Last Update: 02-Jan-13 10:41 ET
Construction Spending Suffers A Pullback In November
Construction spending fell 0.3% in November after increasing a downwardly revised 0.7% (from 1.4%) in October. The Briefing.com consensus expected construction spending to increase 0.5%. Private construction spending declined 0.2% after increasing 0.6% in October. Residential construction, which was expected to provide a sizable boost to overall construction spending, increased a modest 0.4% after jumping 2.3% in October. Structures spending remained robust, increasing 1.2% in November. Spending on residential home improvement projects deteriorated and declined 0.7%. Nonresidential construction spending dropped 0.7% in November. Nearly every nonresidential sector posted spending declines. This included a 1.4% decline in power, a 1.3% drop in lodging, a 1.0% pullback in manufacturing, and a 0.9% drop in office. Public construction spending fell 0.4% in November after increasing 1.0% in October.
Construction spending fell 0.3% in November after increasing a downwardly revised 0.7% (from 1.4%) in October. The Briefing.com consensus expected