November spending was 0.4% above October’s figure, which was revised considerably higher.

Construction materials costs prices january 2022

The latest monthly construction spending report from the U.S. Census Bureau showed continued gains in that sector on both a monthly and year-over-year basis, including a hefty upward revision in October’s increase.

The report stated that total construction spending during November was estimated at a seasonally adjusted rate of $2.0501 trillion, up 0.4% from October’s revised estimate of $2.0425 trillion. The September to October monthly gain was revised up considerably from 0.6% to 1.2%.

Year-over-year, November’s figure was up 11.3%, while spending through the first 11 months of 2023 ($1.817 trillion) was up 6.2% from the same period in 2022.

November spending on private construction was at a seasonally adjusted rate of $1.595 trillion, up 0.7% from October’s revised figure. Residential construction was up 1.1% vs. October, while nonresidential was up 0.2%.

November spending on public construction totaled $455 billion, down 0.7% vs. October. Educational construction totaled $99.2 billion, down 0.3% vs. October, while highway construction totaled $136 billion, up 0.1%.

Total November spending on manufacturing construction totaled $209.8 billion (seasonally adjusted), up 0.5% from October and up 59.1% year-over-year.

A Dec. 13 analysis of U.S. Labor Bureau Producer Price Index data by Associated Builders and Contractors found that November construction materials prices fell by 0.3% vs. October. Nonresidential construction input prices likewise dipped 0.3%. ABC noted that inputs to construction ended November still nearly 39% higher than at the start of the COVID-19 pandemic, while overall construction input prices were 0.8% lower year-over-year.

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