US Construction Spending in November Up Month-Over-Month and Year-Over-Year

On Tuesday (1-3-23), the US Census Bureau reported that total construction spending during November 2022 was estimated at a seasonally adjusted annual rate (SAAR) of $1,807.5 billion, 0.2% above the revised October estimate of $1,803.2 billion. The November figure is 8.5% above the November 2021 estimate of $1,665.2 billion. During the first eleven months of this year, construction spending amounted to $1,657.6 billion, 10.5% above the $1,499.8 billion for the same period in 2021.

Private construction spending was at a SAAR of $1,426.4 billion in November, 0.3% above the revised October estimate of $1,421.6 billion. Residential construction was at a SAAR of $868.0 billion in November, 0.5% below the revised October estimate of $872.4 billion. Nonresidential construction was at a SAAR of $558.3 billion in November, 1.7% above the revised October estimate of $549.2 billion.

In November, the estimated SAAR of public construction spending was $381.1 billion, 0.1% below the revised October estimate of $381.6 billion. Educational construction was at a SAAR of $81.3 billion, 0.1% above the revised October estimate of $81.2 billion. Highway construction was at a SAAR of $115.0 billion, 1.0% below the revised October estimate of $116.2 billion.