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Construction spending took a slight hit in November, dropping 0.3% from October to $866 billion, the United States Census Bureau reported Wednesday.
The November numbers are still 7.7% higher than last year, which was estimated at $804 billion.
Seasonally adjusted private residential spending fell to $589.8 billion, 0.2% below the revised October estimate. The residential construction rate hit $295.3 billion, 0.4% above October.
Despite the small drop in spending, not all factors are down.
"For the latest month, new 1-family outlays jumped 3.6 percent, new multi-family construction jumped 6.2 percent, and residential excluding new homes (largely improvements) gained 1.8 percent," Econoday noted.
To see the full chart of construction spending since 2008, click on the image below.
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