Construction spending slides in November

Construction spending slid in November.

Fewer property management companies may have spent funds on construction spending in November, as the national level experienced a slight decline compared to the month prior.

There was a total rate of $866 billion spent on construction in November, which was 0.3 percent lower than October's level, according to a report from the Department of Commerce. The previous month had a total rate of $868.2 billion. Despite the declines, this was still 7.7 percent higher than in November 2011.

The total year-to-date figure was $781.4 billion, which was more than 9 percent higher than the same 11-month period last year, when the figure was $715.4 billion, the report said. Private construction spending also was down, as the figure fell 0.2 percent month-over-month for a rate of nearly $590 billion.

The report added that nonresidential construction also experienced a decline. The figure for November was less than $295 billion and October's level was nearly $297 billion.

Despite the declines, the commercial market may be on the verge of improvement.

"We are seeing a slightly positive outlook for commercial activities," said Dave Myers, president of building efficiency at Johnson Controls, according to Bloomberg. "It's been the first time in a long time we’ll see slight increases in the year and we are seeing, for the first time in a long time, some positive signs about growth in the residential market [as] well."

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