US Monthly Construction Spending Increased Month-Over-Month and Year-Over-Year in November

On Tuesday (1-2-24), the US Census Bureau reported that total construction spending during November 2023 was estimated at a seasonally adjusted annual rate (SAAR) of $2,027.1 billion, 0.4% above the revised October estimate of $2,042.5 billion. The November figure is 11.3% above the November 2022 estimate of $1,842.2 billion. During the first eleven months of 2023, construction spending amounted to $1,817.0 billion, 6.2% above the $1,711.1 for the same period in 2022.

Private construction spending in November was at a SAAR of $1,595.0 billion, 0.7% above the revised October estimate of $1,584.49 billion. Residential construction was at a SAAR of $896.8 billion, 1.1% above the revised October estimate of $887.3 billion. Nonresidential construction was at a SAAR of $698.2 billion, 0.2% above the revised October estimate of $697.1 billion.

In November, the estimated seasonally adjusted annual rate of public construction spending was $455.1 billion, 0.7% below the revised October estimate of $458.1 billion. Educational construction was at a seasonally adjusted annual rate of $99.2 billion, 0.3% below the revised October estimate of $99.5 billion. Highway construction was at a SAAR of $135.8 billion, 0.1% above the revised October estimate of $135.6 billion.