Construction Spending Statistics

Press Release: January 2, 2025 — The U.S. Census Bureau announced the following value put in place construction statistics for November 2024:

Total Construction

Construction spending during November 2024 was estimated at a seasonally adjusted annual rate of $2,152.6 billion, virtually unchanged from (±1.0 percent)* the revised October estimate of $2,152.3 billion. The November figure is 3.0 percent (±1.5 percent) above the November 2023 estimate of $2,090.7 billion. During the first eleven months of this year, construction spending amounted to $1,986.8 billion, 6.5 percent (±1.2 percent) above the $1,866.0 billion for the same period in 2023.

Private Construction

Spending on private construction was at a seasonally adjusted annual rate of $1,650.7 billion, 0.1 percent (±0.5 percent)* above the revised October estimate of $1,649.8 billion. Residential construction was at a seasonally adjusted annual rate of $906.2 billion in November, 0.1 percent (±1.3 percent)* above the revised October estimate of $905.1 billion. Nonresidential construction was at a seasonally adjusted annual rate of $744.5 billion in November, virtually unchanged from (±0.5 percent)* the revised October estimate of $744.6 billion.

Public Construction

In November, the estimated seasonally adjusted annual rate of public construction spending was $501.9 billion, 0.1 percent (±1.6 percent)* below the revised October estimate of $502.5 billion. Educational construction was at a seasonally adjusted annual rate of $107.0 billion, 0.2 percent (±2.5 percent)* below the revised October estimate of $107.2 billion. Highway construction was at a seasonally adjusted annual
rate of $142.9 billion, 0.2 percent (±4.3 percent)* above the revised October estimate of $142.7 billion.

The December 2024 Monthly Construction Spending Report is scheduled for release on February 3, 2025. Various Tables with greater detail can be found just below the report.

Some Notes:

As taken from Global Data

The country’s construction spending remained stable in November 2024.

As per the report, the seasonally adjusted annual rate was estimated at $2.15 trn, showing no significant change from the revised October estimate of $2.15 trn. This figure represents a 3% increase from the November 2023 estimate of $2.09 trn.

In the first 11 months of 2024, construction spending reached $1.98 trn, marking a 6.5% rise compared to the same period of the previous year.

Private construction spending saw a slight increase to $1.65 trn while residential construction edged up to $906.2bn. Nonresidential construction spending was virtually unchanged at $744.5 bn, according to the Census Bureau report.

Construction in the country this year may be hindered by rising mortgage rates, President-elect Donald Trump’s proposed tariffs on imports, and potential labor shortages stemming from the Trump administration’s policies on immigration, reported Reuters.

Trump’s proposed tax cuts and other policy pledges have been linked to increased mortgage rates despite the Federal Reserve’s efforts to reduce borrowing costs.

Last month, the US’ central bank implemented a third consecutive rate cut but revised its forecast to just two borrowing cost reductions next year, down from the four projected in September 2024, citing the economy’s ongoing resilience, according to the report.

Public construction spending in November 2024 was slightly down at $501.9 bn, with educational construction dipping to $107.0 bn.

However, highway construction spending saw a marginal increase to $142.9 bn.

In November last year, the Census Bureau revealed that US construction spending rose by 0.1% in September of that year, reaching a seasonally adjusted annual rate of $2.14 trn.

Construction spending in the first nine months of 2024 totaled $1.62 trn, a 7.3% increase from $1.51 trn in the same period of 2023.

“US construction spending unchanged in November 2024” was originally created and published by World Construction Network, a GlobalData owned brand.

US construction spending unchanged in November 2024, World Construction Network