November showed monthly and yearly surges in US construction spending

Posted on January 8, 2024   |  

In November 2023, the total construction spending reached an estimated $2,027.1 billion, showing a 0.4% increase from the revised October figure of $2,042.5 billion.

Compared to November 2022, the spending for November 2023 saw a significant rise of 11.3%, reaching $1,842.2 billion.

From January to November 2023, the cumulative construction spending grew by 6.2% to $1,817.0 billion.

Private construction spending in November reached a seasonally adjusted annual rate (SAAR) of $1,595.0 billion, surpassing the revised October estimate of $1,584.49 billion by 0.7%. 

Residential construction contributed $896.8 billion to this figure, marking a 1.1% increase from the revised October estimate of $887.3 billion. 

Nonresidential construction reached a SAAR of $698.2 billion, slightly above the revised October estimate of $697.1 billion by 0.2%.

Public construction spending in November, at a SAAR of $455.1 billion, experienced a 0.7% decrease from the revised October estimate of $458.1 billion.