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Construction spending in the United States rose 1 percent over the month in November and 5.9 percent over the year, according to the latest ""data"":http://www.census.gov/construction/c30/pdf/release.pdf from the ""Census Bureau."":http://www.census.gov/
[IMAGE]Construction spending in November reached an estimated seasonally adjusted rate of $934.4 billion, up from $925.1 billion in October and $882.7 billion in November 2012, according to the Census Bureau.
Year-to-date construction spending totals $828.4 billion through November, up 5 percent from the same period last year.
Public construction spending made up $275 billion of the November total on a seasonally adjusted annualized basis, while private construction spending totaled a seasonally adjusted, annualized $659.4 billion.
Private construction spending is up 2.2 percent from last month and 8.6 percent from last year.
[COLUMN_BREAK]Private residential and nonresidential construction spending climbed in November. Nonresidential construction spending increased at a faster rate in November, although residential construction made up a greater share of total private construction spending, according to Census data.
Private nonresidential construction spending increased 2.7 percent to $313.9 billion on a seasonally adjusted basis in November. Over the year, private nonresidential spending is up 1 percent.
Private residential construction spending rose 1.9 percent to a seasonally adjusted $345.5 billion in November. Year-over-year private residential construction spending increased 16.6 percent.
Single-family residential construction spending continues to far outpace multifamily construction spending in the private residential construction category. However, multifamily construction spending increased at a significantly higher rate than single-family construction spending year-over-year in November.
Spending on multifamily construction totaled $35.2 billion compared to $174.8 billion for single-family construction during the month of November.
Single-family construction spending rose 1.8 percent over the month, while multifamily construction spending rose 0.9 percent.
However, compared to a year ago, single-family construction is up 18.4 percent while multifamily construction is up 36.3 percent, according to Census data.
