The U.S. Census Bureau announced the “put in place” construction spending during November 2023 was estimated at a seasonally adjusted annual rate of $2,050.1 billion, 0.4 percent above the upward revised October estimate of $2,042.5 billion. The November figure is a noticeable strong 11.3 percent above the November 2022 estimate of $1,842.2 billion. During the first eleven months of this year, construction spending amounted to $1,817.1 billion, a steady 6.2 percent above the $1,711.1 billion for the same period in 2022.
Private Construction
Private Construction Spending on private construction was at a seasonally adjusted annual rate of $1,595.0 billion, 0.7 percent above the revised October estimate of $1,584.4 billion. Residential construction was at a seasonally adjusted annual rate of $896.8 billion in November, climbing up a large 1.1 percent above the revised October estimate of $887.3 billion. Nonresidential construction was at a seasonally adjusted annual rate of $698.2 billion in November, 0.2 percent above the revised October estimate of $697.1 billion.
Public Construction
In November, the estimated seasonally adjusted annual rate of public construction spending was $455.1 billion, 0.7 percent below the revised October estimate of $458.1 billion. Educational construction was at a seasonally adjusted annual rate of $99.2 billion, 0.3 percent below the revised October estimate of $99.5 billion. Highway construction was at a seasonally adjusted annual rate of $135.8 billion, 0.1 percent above the revised October estimate of $135.6 billion.
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