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Construction spending slipped in November

Jan. 2, 2013 at 11:58 AM

WASHINGTON, Jan. 2 (UPI) -- Construction spending fell slightly in November to a seasonally adjusted annual rate of $866 billion, the U.S. Census Bureau reported Wednesday.

Total construction spending in October was revised to $868.2 billion, the bureau said. That put the month to month decline at 0.3 percent.

Spending in November was 7.7 percent above November 2011 when $804 billion was spent on construction projects on a seasonally adjusted annual basis.

Spending on private construction was at a seasonally adjusted annual rate of $589.8 billion, 0.2 percent lower than the revised estimate for October of $590.8 billion, the Census Bureau said.

The figure for private projects includes $295.3 billion spent on residential projects and $294.5 billion spent on non-residential projects.

The estimated seasonally adjusted annual rate of public construction spending in November was $276.2 billion, 0.4 percent below the revised October estimate of $277.4 billion, the Census Bureau said.

Educational construction was at a seasonally adjusted annual rate of $66.8 billion, while highway construction was at a seasonally adjusted annual rate of $77.8 billion.

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