January 3, 2013 (Shirley Allen)
The nation’s home builders continue to enjoy their best year since 2009 as residential construction spending remained strong in November with only a slight dip recorded from the previous month according to the U.S. Census Bureau.
Spending for private residential construction was at a seasonally adjusted annual rate of $294.5 billion in November, down 0.7 percent from a revised estimate of $296.5 billion in October.
Total monthly spending by builders for both residential and non-residential private construction was at a seasonally adjusted annual rate of $589.8 billion, down 0.2 percent from the revised estimate of $590.8 billion in October.
Builders spent 19.0 percent more on private residential construction in November than they did a year ago when $248.2 billion was spent, while the total amount builders spent for all private construction was 13.3 percent higher than the $520.4 billion spent in November of last year.
Construction spending for new private single-family homes increased 1.3 percent from October to November with builders spending a seasonally adjusted $143.3 billion in November compared to $141.4 billion in October.
Single-family home construction spending was 29.4 percent higher than in November of 2011, when builders spent $110.8 billion on building new single-family homes.
Multi-family private construction spending was 0.5 percent higher than in October, climbing to a seasonally adjusted annual rate of $23.8 billion. In October, builders spent just under $22.8 billion on multi-family construction.
Multi-family construction spending was 45.9 percent higher than in November of last year, when builders spent a seasonally adjusted $16.3 billion on multi-family dwellings.
The remainder of the private residential construction spending in November, $128.1 billion, was money spent for any type of construction to an existing structure ranging from remodeling to additions to swimming pools to replacement of major systems such as HVAC systems. This was slightly less the $129.0 billion spent in October but up from the $121.0 billion spent in November of 2011.
Tags: residential construction spending, single-family homes, multi-family dwellings, seasonally adjusted annual rate, remodeling, additions