by calculated risk January 2, 2025 10:00:00 AM
From the Census Bureau reported Overall construction spending increased.
Construction spending in November 2024 was estimated at a seasonally adjusted annual rate of $2,152.6 billion. little changed The revised October estimate is $2,152.3 billion. The November figure is 3.0% higher than the November 2023 estimate of $2.0907 trillion.
Emphasis added
Private spending increased and public spending decreased.
Spending on private construction rose 0.1% to a seasonally adjusted annual rate of $1.6507 trillion from the revised October estimate of $1.6498 trillion. …
November’s seasonally adjusted estimate of annual public construction spending was $501.9 billion, 0.1% lower than the revised October estimate of $502.5 billion.
Click on the graph to see a larger image.
This graph shows private residential and non-residential construction spending and public spending since 1993. Note: These are nominal dollars, not adjusted for inflation.
Residential (red) spending is 7.6% below the 2022 peak.
Non-residential (blue) spending is 0.4% below its June 2024 peak.
Public construction spending is 0.2% below its September 2024 peak.
The second graph shows the annual change in construction spending.
On a year-over-year basis, Private housing construction spending rose 3.1%. Non-residential spending increased 1.7% compared to the same period last year. Public spending increased by 4.6% year-on-year.
This was below consensus expectations and led to a downward revision to spending over the past two months.
