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U.S. ICI spending stagnant in November

DCN-JOC News Services
U.S. ICI spending stagnant in November

ARLINGTON, VA. — Soaring single-family home construction in the United States in November contrasted sharply with a continuing decline in ICI construction, the Associated General Contractors of America reported Jan. 4.

Private ICI construction spending fell for the fifth straight month in November.

Overall construction expenditures in November totalled $1.46 trillion at a seasonally adjusted annual rate, an increase of 0.9 per cent from the pace in October and 3.8 per cent higher than in November 2019. But the gains were limited to residential construction, which soared 2.6 per cent for the month and 16.2 per cent year-over-year. Meanwhile, private and public nonresidential spending slumped 0.6 per cent from October and 4.7 per cent from a year earlier.

Private nonresidential construction slid 0.8 per cent from October to November and 9.5 per cent from November 2019. The largest private nonresidential segment, power construction, declined 0.9 per cent for the month. Among the other large private nonresidential project types, commercial construction, comprising retail, warehouse and farm structures, dipped 0.3 per cent for the month, manufacturing construction increased 0.1 per cent, office construction gained 0.3 per cent, and health care construction fell 1.4 per cent.

Public construction spending declined 0.2 per cent for the month but increased 3.1 per cent year-over-year. There were decreases from October to November for most nonresidential categories, although the two largest segments rose: highway and street construction gained 1.8 per cent for the month, while educational construction increased 0.3 per cent. 

Association officials said in a release that demand for most types of nonresidential construction was likely to remain down for much of the year.

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