US Construction Spending Unchanged in November
Monthly Construction Spending, November 2024
On Thursday, the US Census Bureau reported that total construction spending during November was estimated at a seasonally adjusted rate (SAAR) of $2,152.6 billion, virtually unchanged from the revised October estimate of $2,152.3 billion. However, that figure is 3.0% above the November 2023 estimate of $2,090.7 billion.
During the first eleven months of 2024, construction spending amounted to $1,986.8 billion, 6.5% above the $1,866.0 billion for the same period in 2023.
Private Construction
In November, private construction spending was an estimated $1,650.7 billion (SAAR), 0.1% above the revised October estimate of $1,649.8 billion. Residential construction was at a rate of $906.2 billion, 0.1% above the revised October estimate of $905.1 billion. Nonresidential construction was at a rate of $744.5 billion, virtually unchanged from the revised October estimate of $744.6 billion.
Public Construction
In November, public construction spending was an estimated $501.9 billion (SAAR), 0.1% below the revised October estimate of $502.5 billion. Educational construction was at a rate of $107.0 billion, 0.2% below the revised October estimate of $107.2 billion. Highway construction was at a rate of $142.9 billion, 0.2% above the revised October estimate of $142.7 billion.
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