In early January 2025, the United States Census Bureau released data indicating that construction spending in November remained virtually unchanged from the previous month. The total estimated spending was set at $2,152.6 billion, a marginal increase from October's revised figure of $2,152.3 billion. Despite this stability, the year-over-year growth showed a significant 3.0% rise compared to November 2023. Over the first eleven months of 2024, construction spending reached $1,986.8 billion, marking a substantial 6.5% increase from the same period in 2023.

Details of Construction Spending in November

In the golden hues of autumn, the US construction sector saw little fluctuation in its spending patterns during November. The overall construction expenditure was pegged at an estimated $2,152.6 billion on a seasonally adjusted annual rate (SAAR), reflecting only minor changes from the prior month's revised estimate of $2,152.3 billion. This consistency belies a more pronounced trend: a 3.0% increase from the same month in the previous year, when it stood at $2,090.7 billion.

Breaking down the figures further, private construction spending amounted to $1,650.7 billion (SAAR), inching up by 0.1% from the revised October figure of $1,649.8 billion. Residential construction, a key component, was estimated at $906.2 billion, also showing a slight 0.1% increase from the previous month's $905.1 billion. Nonresidential construction, however, remained nearly static at $744.5 billion, almost identical to the October estimate of $744.6 billion.

On the public side, construction spending was slightly lower at $501.9 billion (SAAR), a marginal decrease of 0.1% from the revised October figure of $502.5 billion. Educational construction saw a small dip of 0.2%, settling at $107.0 billion compared to the previous month's $107.2 billion. In contrast, highway construction experienced a modest 0.2% uptick, reaching $142.9 billion from the earlier $142.7 billion.

These figures underscore the resilience of the US construction industry, which has maintained steady levels despite economic uncertainties. The year-to-date spending for the first eleven months of 2024 reached $1,986.8 billion, representing a robust 6.5% growth over the corresponding period in 2023.

From a journalist's perspective, this data highlights the importance of stable construction spending in maintaining economic momentum. While the monthly changes are minimal, the year-over-year growth indicates a positive trajectory for the sector. For readers and stakeholders, these numbers serve as a reassuring indicator of continued investment and development in critical infrastructure and residential projects. The consistency in spending suggests that the industry is well-positioned to weather potential economic challenges, providing a solid foundation for future growth.