Construction Spending Maintains Solid YOY Pace with +6.5% Increase in November

Construction spending during Nov. 2024 was estimated at a seasonally adjusted annual rate of $2,152.6 billion, virtually unchanged from the revised October estimate of $2,152.3 billion. According to the U.S. Census Dept., the November figure is +3%  above the Nov. 2023 estimate of $2,090.7 billion. During the first eleven months of this year, construction spending amounted to $1,986.8 billion, +6.5%  above the $1,866 billion for the same period in 2023.

Private construction

Spending on private construction was at a seasonally adjusted annual rate of $1,650.7 billion, +0.1% above the revised October estimate of $1,649.8 billion. Residential construction was at a seasonally adjusted annual rate of $906.2 billion in November, +0.1 above the revised October estimate of $905.1 billion. Nonresidential construction was at a seasonally adjusted annual rate of $744.5 billion in November, virtually unchanged from the revised October estimate of $744.6 billion.The individual private construction categories with the largest YOY gains through November were data centers (+43.1% to $31.5 billion) and the manufacture of Fabricated metals (+76.6% to $2,544 billion).

Public construction

In November, the estimated seasonally adjusted annual rate of public construction spending was $501.9 billion, -0.1% below the revised October estimate of $502.5 billion. Educational construction was at a seasonally adjusted annual rate of $107.0 billion, -0.2% below the revised October estimate of $107.2 billion. Highway construction was at a seasonally adjusted annual rate of $142.9 billion, +0.2% above the revised October estimate of $142.7 billion.