Value of Construction Put in Place at a Glance - November 2014

NOVEMBER 2014 CONSTRUCTION AT $975.0 BILLION ANNUAL RATE - 0.3 percent (±1.5%)* below the revised October estimate of $977.7 billion. Private construction exceeds estimates while public construction fails to perform.

The U.S. Census Bureau of the Department of Commerce announced today that construction spending during November 2014 was estimated at a seasonally adjusted annual rate of $975.0 billion, 0.3 percent (±1.5%)* below the revised October estimate of $977.7 billion. The November figure is 2.4 percent (±1.6%) above the November 2013 estimate of $952.5 billion.

During the first 11 months of this year, construction spending amounted to $884.6 billion, 5.7 percent (±1.3%) above the $836.9 billion for the same period in 2013.

PRIVATE CONSTRUCTION

Spending on private construction was at a seasonally adjusted annual rate of $697.7 billion, 0.3 percent (±1.0%)* above the revised October estimate of $695.7 billion. Residential construction was at a seasonally adjusted annual rate of $352.7 billion in November, 0.9 percent (±1.3%)* above the revised October estimate of $349.6 billion. Nonresidential construction was at a seasonally adjusted annual rate of $345.0 billion in November, 0.3 percent (±1.0%)* below the revised October estimate of $346.1 billion.

PUBLIC CONSTRUCTION

In November, the estimated seasonally adjusted annual rate of public construction spending was $277.3 billion, 1.7 percent (±2.5%)* below the revised October estimate of $282.0 billion. Educational construction was at a seasonally adjusted annual rate of $62.1 billion, 2.5 percent (±3.1%)* below the revised October estimate of $63.8 billion. Highway construction was at a seasonally adjusted annual rate of $85.7 billion, 0.3 percent (±5.4%)* above the revised October estimate of $85.4 billion.

December 2014 data will be released on February 2, 2015 at 10:00 A.M. EST.

For more detailed data and methodologies, go to our website:

http://www.census.gov/constructionspending

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The U.S. Census Bureau updated its Application Programming Interface (API) with monthly and quarterly economic indicators. The API allows developers to combine Census Bureau statistics with other data sets to create tools for research on a variety of topics.

EXPLANATORY NOTES

In interpreting changes in the statistics in this release, note that month-to-month changes in seasonally adjusted statistics often show movements which may be irregular. It may take 2 months to establish an underlying trend for total construction and as long as 8 months for specific categories of construction.  The statistics in this release are estimated from several sources and surveys and are subject to sampling variability as well as nonsampling error including bias and variance from response, nonreporting, and undercoverage. Estimates of the standard errors are provided in Table 3. Whenever a statement such as "2.3 (±3.1) percent above" appears in the text, this indicates the range (-0.8 to +5.4 percent) in which the actual percent change is likely to have occurred. All ranges given are 90 percent confidence intervals and account only for sampling variability. If a range does not contain zero, the change is statistically significant. If it does contain zero, the change is not statistically significant; that is, it is uncertain whether there was an increase or decrease. Statistics for the current month are preliminary estimates subject to revision in following months as additional data become available. The average absolute percent changes from preliminary estimate to first revision for the major seasonally adjusted components are as follows: total construction, 1.1 percent; private construction, 1.4 percent; and public construction, 1.6 percent.

* 90% confidence interval includes zero. The U.S. Census Bureau does not have sufficient statistical evidence to conclude that the actual change is different from zero.

Value of Construction Put in Place at a Glance November 2014

	Seasonally Adjusted Annual Rate				Not Seasonally Adjusted
	(millions of dollars)				(millions of dollars)
Total	974,976	XLS (11k)	PDF (31k)		82,650	XLS (11k)	PDF (31k)
Private	697,709	XLS (15k)	PDF (36k)		59,684	XLS (15k)	PDF (36k)
Residential	352,667	XLS (8k)	PDF (16k)		29,825	XLS (8k)	PDF (16k)
Nonresidential	345,042	XLS (8k)	PDF (18k)		29,858	XLS (8k)	PDF (18k)
Public	277,266	XLS (11k)	PDF (24k)		22,967	XLS (11k)	PDF (24k)
State and Local	253,722	XLS (11k)	PDF (31k)		21,137	XLS (11k)	PDF (31k)
Federal	23,544	XLS (8k)	PDF (18k)		1,830	XLS (8k)	PDF (18k)

Source: United States Census Bureau