In November, U.S. construction spending saw negligible change as an increase in private construction spending was counterbalanced by a decline in public construction spending, according to a report by the Commerce Department released on Thursday.
The report highlighted that construction spending inched up by less than 0.1 percent, reaching an annual rate of $2.153 trillion, following a 0.5 percent increase to a revised rate of $2.152 trillion in October.
Economists had forecasted a 0.3 percent rise in construction spending, differing from the originally reported 0.4 percent increase for October.
According to the report, spending on private construction showed a marginal rise of 0.1 percent, reaching an annual rate of $1.651 trillion in November, up from a revised $1.650 trillion in October.
Residential construction spending experienced a slight increase of 0.1 percent, reaching an annual rate of $906.2 billion, while non-residential construction spending remained largely steady at $744.5 billion.
Conversely, the Commerce Department indicated that public construction spending decreased by 0.1 percent to reach an annual rate of $501.9 billion in November, down from a revised $502.5 billion in October.
Specifically, spending on educational construction fell by 0.2 percent to an annual rate of $107.0 billion, whereas spending on highway construction grew by 0.2 percent, reaching an annual rate of $142.9 billion.
