Menu
Posted January 2, 2024

Construction Spending Ticks up 0.4% in November

Through November, year-over-year construction spending trends 6.2% over 2022.

Total Construction
Construction spending during November 2023 was estimated at a seasonally adjusted annual rate of $2,050.1 billion, 0.4 percent (±1.0 percent)* above the revised October estimate of $2,042.5 billion.
The November figure is 11.3 percent (±1.5 percent) above the November 2022 estimate of $1,842.2 billion. During the first eleven months of this year, construction spending amounted to $1,817.1 billion, 6.2 percent (±1.0 percent) above the $1,711.1 billion for the same period in 2022.

Private Construction
Spending on private construction was at a seasonally adjusted annual rate of $1,595.0 billion, 0.7 percent (±0.5 percent) above the revised October estimate of $1,584.4 billion. Residential construction was at a seasonally adjusted annual rate of $896.8 billion in November, 1.1 percent (±1.3 percent)* above the revised October estimate of $887.3 billion. Nonresidential construction was at a seasonally adjusted annual rate of $698.2 billion in November, 0.2 percent (±0.5 percent)* above the revised October estimate of $697.1 billion.

Public Construction
In November, the estimated seasonally adjusted annual rate of public construction spending was $455.1 billion, 0.7 percent (±1.8 percent)* below the revised October estimate of $458.1 billion. Educational construction was at a seasonally adjusted annual rate of $99.2 billion, 0.3 percent (±2.0 percent)* below the revised October estimate of $99.5 billion. Highway construction was at a seasonally adjusted annual rate of $135.8 billion, 0.1 percent (±4.4 percent)* above the revised October estimate of $135.6 billion.
History
For comparison, here is a chart depicting US construction spending from January 1, 2006 through November 2023. 

CONTRACTOR SUPPLY MAGAZINE

The October/November 2024 of Contractor Supply magazine is here!

Our cover story, A Rewarding Passion - Dale Hahs II, third-generation of Denver's AIS Industrial & Construction Supply, is STAFDA's incoming 2025 president.

    A Special STAFDA section featuring a welcome address, an agenda, session previewss by presenters and much more. Also in this issue are our Industry Updates on: Lifting, Moving and Material Handling; Lasers, Levels and Measurement; Hand Tools; Cordless Power Tools; Drill Bits and Cutting Tools; and Toolboxes, Bags and Belts.

    This digital edition, sponsored by BECK AMERICA Inc., is fully searchable and contains live links to every advertiser and new product listing. Click away!

    Read the Articles                                       Read the Digital Edition  

    SPONSORED ADS