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.
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.
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