Flatlining Figures in November

The US Census Bureau's latest report reveals a standstill in construction spending for November, maintaining a seasonally adjusted annual rate of $2.15 trillion. This figure mirrors October's revised numbers but shows a 3% uplift from the previous year's data.

Private vs. Public Sector Spending

In the private sector, construction spending saw a minimal increase of 0.1%, reaching $1.65 trillion. Residential projects climbed to $906.2 billion, counterbalancing the plateau in nonresidential construction at $744.5 billion. Conversely, public construction spending experienced a slight dip of 0.1%, totaling $501.9 billion, with educational construction decreasing by 0.2% to $107 billion, while highway construction saw a modest rise of 0.2% to $142.9 billion.

Year-to-Date Overview

For the initial eleven months of 2024, total construction spending amounted to $1.99 trillion, marking a 6.5% increase from the corresponding period in 2023.