Construction spending during Nov. 2021 was estimated at a seasonally adjusted annual rate of $1,625.9 billion, +0.4% above the revised October estimate of $1,618.8 billion. According to the U.S. Census Bureau, the November figure is +9.3% above the Nov. 2020 estimate of $1,487.2 billion. During the first eleven months of this year, construction spending amounted to $1,463.2 billion, +7.9% above the $1,355.6 billion for the same period in 2020.
Private construction. Spending on private construction was at a seasonally adjusted annual rate of $1,273.6 billion, +0.6% above the revised October estimate of $1,265.8 billion. Residential construction was at a seasonally adjusted annual rate of $796.3 billion in November, +0.9% above the revised October estimate of $789.1 billion. Nonresidential construction was at a seasonally adjusted annual rate of $477.3 billion in November, +0.1% above the revised October estimate of $476.6 billion.
The Manufacturing category is doing quite well, with construction spending up
+22.4% YOY to $83.2 billion. Fabricated metal (+176.2%); Food/beverage/tobacco (+63.2%); and Computer/electronic/electrical (+55.7%) showed the biggest YOY increases, but most subcategories were up double digits over Nov. 2020.
Public construction. In November, the estimated seasonally adjusted annual rate of public construction spending was $352.3 billion, -0.2% below the revised October estimate of $353.0 billion. Educational construction was at a seasonally adjusted annual rate of $82.3 billion, +0.3% above the revised October estimate of $82.1 billion.
