Private Residential Construction Spending Up Slightly in November

The Census Bureau has released Construction Spending data for November 2010.

Residential construction spending includes remodeling, additions, and major replacements to owner occupied properties subsequent to completion of original building. It includes construction of additional housing units in existing residential structures, finishing of basements and attics, modernization of kitchens, bathrooms, etc. Also included are improvements outside of residential structures, such as the addition of swimming pools and garages, and replacement of major equipment items such as water heaters, furnaces and central air-conditioners. Maintenance and repair work is not included.

This report covers a broad spectrum of residential construction spending but does not provide countable data on how much new home building occured in the previous month. Furthermore, Construction Spending data is one of the last backward looking economic indicators to be released on a monthly basis. This means the market has already been given multiple opportunities to react to more timely information.

Total construction spending during November 2010 was estimated at a seasonally adjusted annual rate of $810.2 billion, 0.4 percent (±1.6%)* above the revised October estimate of $806.7 billion. The November figure is 6.0 percent (±1.9%) below the November 2009 estimate of $861.5 billion. During the first 11 months of this year, construction spending amounted to $753.9 billion, 10.6 percent (±1.0%) below the $843.1 billion for the same period in 2009.

Private Residential construction was at a seasonally adjusted annual rate of $235.7 billion in November, 0.7 percent (±1.3%)* above the revised October estimate of $234.1 billion.

Yawn. Just like Building Permits and Housing Starts...bouncing around near all-time lows. SEE MORE CHARTS ON CONSTRUCTION SPENDING