Unexpectedly, U.S. Construction Declines 0.4%

By John S. McClenahen Rebuilding in the wake of last season's hurricanes in the southeast U.S. was not as extensive as analysts forecast, and U.S. construction put in place during November 2004 unexpectedly fell 0.4% to a seasonally adjusted annual rate of $1.013 trillion, the U.S. Commerce Department's Census Bureau reported on Jan. 3. Spending on private construction in November of last year was at a seasonally adjusted annual rate of $777.1 billion, 0.6% below the revised October rate of $781.7 billion. Within the private construction sector, residential construction was at a seasonally adjusted annual rate of $554.7 billion, 0.4% below the revised October figure of $556.7 billion. Non-residential construction was at a seasonally adjusted annual rate of $222.3 billion in November, 1.2% below the revised October rate of $225 billion. Spending for schools, highways and other types of public construction was at a seasonally adjusted annual rate of $236.3 billion in November 2004, 0.4% above the revised October figure of $235.2 billion.

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