Construction spending increases in November

Construction spending during November 2023 was estimated at a seasonally adjusted annual rate of $2,050.1 billion, 0.4% above the revised October estimate of $2,042.5 billion. The November figure is 11.3% 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, 6.2% above the $1,711.1 billion for the same period in 2022.

Spending on private construction was at a seasonally adjusted annual rate of $1,595.0 billion, 0.7% 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, 1.1% 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% above the revised October estimate of $697.1 billion.

In November, the estimated seasonally adjusted annual rate of public construction spending was $455.1 billion, 0.7% below the revised October estimate of $458.1 billion.

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