November’s seasonally adjusted annual rate of $1.8075 trillion was 0.2% above the revised October rate.
Construction spending during November was estimated at a seasonally adjusted annual rate of approximately $1.8075 trillion, 0.2% above the revised October estimate of $1.8032 trillion and 8.5% above November 2021, according to the U.S. Census Bureau.
Spending on private construction in November was at a seasonally adjusted annual rate of $1.4264 trillion, 0.3% above the revised October estimate.
Residential construction was at a seasonally adjusted annual rate of $868 billion in November, 0.5% below the revised October estimate. Nonresidential construction was at a seasonally annual adjusted rate of $558.3 billion, 1.7% above the revised October estimate, according to the Census Bureau.
The estimated seasonally adjusted annual rate of public construction spending in November was $381.1 billion, 0.1% below the revised October estimate. Educational construction was at a seasonally adjusted annual rate of $81.3 billion, 0.1% above the revised October estimate. Highway construction was at a seasonally adjusted annual rate of $115 billion, 1% below the revised October estimate.
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Brad Star is an Associate Editor at MDM, having joined the company in August 2022. He spent most of the previous two years as a Business Reporter for USA-Today Network-Wisconsin’s Appleton Post-Crescent, writing its Buzz column that covered local retail and consumer service businesses in the Fox Cities. Star has a degree in economics from Beloit College.
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