Construction spending during November 2022 was estimated at a seasonally adjusted annual rate of $1,807.5 billion, 0.2 percent above the upward revised October estimate of $1,803.2 billion. The November figure is 8.5 percent above the November 2021 estimate of $1,665.2 billion. Over the last month public sector spending continued to rise (especially with the new fiscal budget in only its second month), while the residential sector has seen a steady decline. During the first eleven months of this year, construction spending amounted to $1,657.6 billion, 10.5 percent above the $1,499.8 billion for the same period in 2021.
Private Construction
Spending on private construction was at a seasonally adjusted annual rate of $1,426.4 billion, 0.3 percent above the revised October estimate of $1,421.6 billion. Residential construction was at a seasonally adjusted annual rate of $868.0 billion in November, 0.5 percent below the revised October estimate of $872.4 billion. Nonresidential construction was at a seasonally adjusted annual rate of $558.3 billion in November, 1.7 percent above the revised October estimate of $549.2 billion.
Public Construction
In November, the estimated seasonally adjusted annual rate of public construction spending was $381.1 billion, 0.1 percent below the revised October estimate of $381.6 billion. Educational construction was at a seasonally adjusted annual rate of $81.3 billion, 0.1 percent above the revised October estimate of $81.2 billion. Highway construction was at a seasonally adjusted annual rate of $115.0 billion, 1.0 percent below the revised October estimate of $116.2 billion.
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