The U.S. Census Bureau reported that estimated construction spending in November came in at a seasonally adjusted annual rate of $900.1 billion, which is 0.6 percent below October's revised estimate of $905.6 billion.
Furthermore, construction spending is down 13.2 percent when compared to November 2008, when it was reported at more than $1.03 trillion. For the first 11 months of 2009, construction spending has totaled $868.9 billion, which is down 12.7 percent when compared to the same time span in 2008.
For private construction projects, spending was reported at an annual rate of $581.2 billion, which is down by 0.7 percent when compared to November. While residential construction fell 1.6 percent, nonresidential construction stayed about the same from October to November, dropping from $330.6 billion to $330.5 billion.
A recent survey taken in December may have reflected the downward trend reported by the government. According to the National Association of Home Builders, confidence in the market for new, single-family homes dropped from 17 in November to 16 in December. A number below 50 on the scale indicates more builders think the market is more poor than good.
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