Contrary to expectations… construction spending in America has stabilized

Spending on construction projects in the United States stabilized last November, at approximately the same level as the previous month, contrary to expectations, according to data issued by the US Department of Commerce on Thursday.
The ministry stated that it rose by less than 0.1% to the equivalent of $2.153 trillion annually, after rising by 0.5% to the equivalent of $2.152 trillion last October.

Construction spending

Analysts had expected spending to grow by 0.3%, after rising by 0.4% in October, according to preliminary data.

The Ministry of Commerce report indicated an increase in spending on private projects by 0.1% to the equivalent of $1.651 trillion, compared to the equivalent of $1.650 trillion in October, according to the revised data.

Construction projects

Spending on residential construction projects increased by 0.1% to the equivalent of $906.2 billion last November, while spending on non-residential construction projects stabilized at the equivalent of $744.5 billion.
At the same time, the Ministry of Commerce report indicated a decline in spending on public construction projects by 0.1% to the equivalent of $501.9 billion annually, compared to the equivalent of $502.5 billion in October.
Spending on educational construction projects decreased in November by 0.2% to the equivalent of $107 billion, while spending on highway projects increased by 0.2% to the equivalent of $142.9 billion annually.