According to figures released January 5, 2009, by the U. S. Department of Commerce, nonresidential construction in November 2008 increased 0.7%. Offsetting this modest increase was a 4.2% decline in housing construction, resulting in a net November 2008 construction spending decline of 0.6%.
Total construction spending of $1.078 trillion is down 3.3% from a year ago, while housing construction of $328.3 billion is off 23.4% from a year ago. Nonresidential construction spending of $428.2 billion annually is at an all time high. Government construction spending of $321.95 billion makes up the balance of the $1.078 trillion annual total pace for construction spending.
State and local government construction spending is up 1%, while federal construction spending rose 6%.
Total construction spending of $1.078 trillion is down 3.3% from a year ago, while housing construction of $328.3 billion is off 23.4% from a year ago. Nonresidential construction spending of $428.2 billion annually is at an all time high. Government construction spending of $321.95 billion makes up the balance of the $1.078 trillion annual total pace for construction spending.
State and local government construction spending is up 1%, while federal construction spending rose 6%.
