US construction spending up 0.4%
- Prior month 0.6% revised to +1.2%
- Overall Construction Spending Increase: In November 2023, construction spending was at a seasonally adjusted annual rate of $2,050.1 billion, a 0.4% increase versus estimate of 0.6%. October was revised higher to $2,042.5 billion a gain of 1.2% versus 0.6% previously reported.
- Significant Year-over-Year Growth: The November 2023 figure represents an 11.3% increase compared to the November 2022 estimate of $1,842.2 billion.
- Year-to-Date Growth: For the first eleven months of 2023, construction spending totaled $1,817.1 billion, which is 6.2% higher than the $1,711.1 billion spent during the same period in 2022.
Private construction increased by 0.7%:
- Overall Private Construction Increase: Private construction spending rose to a seasonally adjusted annual rate of $1,595.0 billion in November, up by 0.7% from October's revised estimate of $1,584.4 billion.
- Growth in Residential Construction: Residential construction spending reached a seasonally adjusted annual rate of $896.8 billion in November, a 1.1% increase from the revised October estimate of $887.3 billion.
- Slight Rise in Nonresidential Construction: Nonresidential construction spending was at a seasonally adjusted annual rate of $698.2 billion in November, showing a modest increase of 0.2% from October's revised estimate of $697.1 billion.
Public instruction decreased by -0.7%
- Decrease in Public Construction Spending: In November, public construction spending was estimated at a seasonally adjusted annual rate of $455.1 billion, marking a 0.7% decrease from the revised October estimate of $458.1 billion.
- Reduction in Educational Construction: Educational construction spending declined to a seasonally adjusted annual rate of $99.2 billion, a 0.3% decrease from the revised October estimate of $99.5 billion.
- Slight Increase in Highway Construction: Highway construction experienced a minor increase, reaching a seasonally adjusted annual rate of $135.8 billion in November, 0.1% higher than October's revised estimate of $135.6 billion.
