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 ConstructionConstruction 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.
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.
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