US construction on solid ground; manufacturing under pressure in 2024.

Construction spending in November 2023, the U.S. Census Bureau said Wednesday, was at a seasonally adjusted annual rate of almost $2.1 trillion, 0.4% higher than the revised October 2023 estimate of approximately $2 trillion.
Year over year, this spending level is 11.3% higher than what the Census Bureau reported in November 2022.

The private residential sector ended November with a spending increase of 1.1% to $896.8 billion when compared to October, the bureau said, and private nonresidential spending rose by just 0.2% to $698.2 billion in the same period.  Between October 2023 and November 2023, public construction spending decreased by 0.7% to $455.2 billion, although spending for highway construction increased by 0.1% to $135.8 billion. Overall, public nonresidential spending was down 0.6% from October but increased by 16.3% year over year.

November's total nonresidential spending was down from October by 0.1% to $1.1 trillion but increased year over year by 18.1%.  Read the full article by The Construction Broadsheet HERE.