Construction climbs in November despite nonresidential drop; manufacturing gains

January 5, 2004
/ Print / Reprints /
/ Text Size+
The value of construction put in place reached $934.5 billion at a seasonally adjusted annual rate in November, the Census Bureau announced. It was the sixth straight record, 1.2% above October's upwardly revised total and 7.4% higher than the year-ago month.

For the first 11 months of 2003, construction is 4.1% ahead of the same period of 2002. The gains come only from private residential constuction (+10% year-to-date) and public construction (+3%); private nonresidential construction is off 6%. Nevertheless, the decline in private nonresidential is less than the double-digit decreases of early this year.

In a sign that housing construction may slow in the next few months, the National Assn. of Realtors reported that existing-home sales in November declined 4.6% from October's upwardly revised seasonally adjusted annual rate. Still, the November figure was the fifth highest ever, nearly 7% above November 2002. The median selling price was $170,900, up 5.9% from a year before. The supply of unsold homes rose 2.8% to a still-moderate 5.0 months at current selling rates.

“The manufacturing sector enjoyed its best month since December 1983,” the Institute for Supply Management announced, based on the Institute's PMI index reading of 66.2 for December. “Much of the momentum is in new orders, as the index is the highest reported reading since July 1950….The month-over-month growth from November to December indicates a rapid reovery taking place in the sector, though there are still some businesses lagging and wondering when they will see the improvement that others are experiencing.”

Did you enjoy this article? Click here to subscribe to Plumbing & Mechanical. 

Recent Articles by Ken Simonson

You must login or register in order to post a comment.



Image Galleries

2014 Truck of the Month

PM has featured so many great plumbing service trucks! See plenty of them here in our Truck Of The Month Archives page. Are you proud of your truck? Go to our Truck of the Month page to find out how your service truck could be chosen!

9/16/14 9:00 am PDT

Free Webinar: Acoustical Isolation

HOLDRITE will be hosting a free webinar for Acoustical Isolation on Tuesday, Sept. 16, 2014.

Plumbing and Mechanical

2014 August

2014 August

In the August issue of PM, read about the continued construction and renovations being made to hotels and restaurants. Find out the focus of this year's ISH China show will be, who made this month's Truck of the Month and read what Elkay has to say about their commercial construction expansion. Also, read the latest news and discover the newest products being used by professionals in the plumbing and mechanical industry.
Table Of Contents Subscribe

Back to School

It’s back-to-school time, how do you stay knowledgeable on the industry:
View Results Poll Archive

The Plumbing and Mechanical Store

2014 National Plumbing & HVAC Estimator

Every plumbing and HVAC estimator can use the cost estimates in this practical manual!

More Products

Clear Seas Research

Clear Seas ResearchWith access to over one million professionals and more than 60 industry-specific publications,Clear Seas Research offers relevant insights from those who know your industry best. Let us customize a market research solution that exceeds your marketing goals.

Truck of the Month

Truck of the month

Are you proud of how your service truck looks? Do the graphics give people whiplash as they drive by? Have your calls increased because people remember your truck — and your company name? If so, we’d like to see it, too! Click here to find out how your service truck could be chosen as PM's Truck of the Month.



Connect to PM on Facebook Connect to PM on Twitter  Watch PM on YouTube    Connect to PM on Linked InGoogle+