• Monthly improvement is fifth since May. 

• Residential strength offsets continuing decline in nonresidential.

• Public sector building eases.

The value of construction put-in-place increased 0.9% (3.8% y/y) during November following a 1.6% October gain, revised from 1.3%. September's 0.2% drop was revised from -0.5%. A 1.1% November increase had been expected in the Action Economics Forecast Survey.

Private construction increased 1.2% (4.1% y/y) in November following a 1.6% October strengthening. Residential construction jumped 2.7% (16.1% y/y) as single-family building surged 5.1% (18.1% y/y), the fifth consecutive month of notably strong increase. The value of multi-family construction held steady (15.8% y/y) after almost a half-year of sizable monthly increases. Home improvement expenditures edged 0.2% higher (13.2% y/y) after improving 0.9% in October.

Weakness in business spending continued. Nonresidential private construction fell 0.8% in November (-9.5% y/y), the fifth consecutive monthly decline. Lodging construction declined 8.1% (-26.5% y/y) while power construction fell 0.9% (-8.5% y/y). Commercial building eased 0.3% (-1.8% y/y) but office building improved 0.3% (-6.6% y/y). Transportation building rose 0.5% (-6.2% y/). Manufacturing construction edged 0.1% higher (-15.1% y/y) while education construction also improved 0.1% (-17.6% y/y).

Public construction slipped 0.2% during November (+3.1% y/y) following a 1.6% October surge. Spending on highways & streets, which makes up nearly one-third of public spending, rose 1.8% (8.7% y/y) but health care outlays declined 2.0% (+6.6% y/y). Power construction fell 1.5% (-13.1% y/y) while educational spending gained 0.3% (-1.3% y/y).

The construction spending figures, some of which date back to 1946 can be found in Haver's USECON database. The expectations reading is in the AS1REPNA database.