Construction spending during November 2024 was essentially the same as the previous month with a seasonally adjusted annual rate of $2,152.6 billion, virtually unchanged from the downward revised October estimate of $2,152.3 billion. The November figure is 3.0 percent above the November 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 percent above the $1,866.0 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 percent 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 percent 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.
Public Construction
In November, the estimated seasonally adjusted annual rate of public construction spending was $501.9 billion, 0.1 percent below the revised October estimate of $502.5 billion. Educational construction was at a seasonally adjusted annual rate of $107.0 billion, 0.2 percent below the revised October estimate of $107.2 billion. Highway construction was at a seasonally adjusted annual rate of $142.9 billion, 0.2 percent above the revised October estimate of $142.7 billion.
TOTAL in millions: | NOVEMBER 2024: $ 2,152,581 |
Private Sector: | $ 1,650,665 (76.68% of total) Continues under 80% |
Residential | $ 906,201 (42.10%) |
Nonresidential | $ 744,464 (34.58%) |
| |
Public Sector: | $ 501,916 (23.32% of total) |
State/Local | $ 465,284 (21.62%) |
Federal | $ 36,632 ( 1.70%) |
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