According to the latest data from the US Census Bureau, construction spending fell by 0.28% from US$977.70 billion in October 2014 to a seasonally adjusted annual rate of US$974.976 billion in November 2014.
Much of the decline, which is the first recorded since June 2014, was attributed to decreased government outlays, particularly publicly-built school spending, as well as transportation, health care, and public safety sector spending. A fall in investment in non-residential construction projects also contributed.
According to an analysis by the Associated General Contractors of America, in July 2014, total construction reached its highest level since December 2008.
US construction spending figure for April is higher than March 2014 and April 2013 estimates, with private and public construction spending reaching US$686.5 billion and US$267 billion, respectively.
Total US construction spending stood at US$943.1 billion in January 2014, a 9.3% y/y increase from US$863.1 billion recorded in the same month a year earlier.