The data was provided via the US Census Bureau’s monthly statistics. Credit: JU.STOCKER via Shutterstock.

Construction spending in the US increased 0.4% month-on-month to a seasonally adjusted annual rate of $2.05tn in November 2023. 

This data was provided by the US Census Bureau in its monthly construction statistics for November 2023. 

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

This growth is less than the expected construction spending for the month, mainly due to a decrease in outlays on public projects, a Reuters report noted. 

For October 2023, the data was revised to show a 1.2% increase in construction spending instead of consensus estimates for 0.6% growth, the report added. 

The figures for November 2023 witnessed an 11.3% year-on-year increase from $1.84tn registered in November 2022. 

See Also:

In the first 11 months of 2023, construction spending in the US totalled $1.81tn, which is 6.2% more than the $1.71tn reported for the same period in 2022. 

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Overall spending on private construction was up by 0.7% to $1.59tn in November 2023 from a revised estimate of $1.58tn in October 2023. 

In February 2023, the US Census Bureau released the construction spending report for December 2022, highlighting a 7.7% year-on-year increase compared to December 2021.  

Analysts at GlobalData claimed that the US’ construction spending growth in 2022 was ‘fairly stable’ and maintained double-digit growth.