Nonresidential Construction Spending Returns to Normal in November
Nonresidential construction spending grew 0.6% on a monthly and yearly basis in November 2013, according to a Jan. 2 release by the U.S. Census Bureau. In November, spending totaled $583.436 billion on a seasonally adjusted, annualized basis.
“Construction activity bounced back in November, due in part to the end of the federal government shutdown and an accompanying return to normalcy,” said Associated Builders and Contractors Chief Economist Anirban Basu. “Nonresidential construction spending was up 2.3% on a seasonally adjusted basis compared to September, which makes a better comparison because October, with the federal government shutdown, was not a normal month.