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Auto Assembly Line Getty Images 114288673 1000
Auto Assembly Line Getty Images 114288673 1000
Auto Assembly Line Getty Images 114288673 1000
Auto Assembly Line Getty Images 114288673 1000

Value of New Construction Remains Solid in November, Up +8.5% YOY to $1,807 Billion

Jan. 12, 2023

Total construction spending during Nov. 2022 was estimated at a seasonally adjusted annual rate of $1,807.5 billion, +0.2% above the revised October estimate of $1,803.2 billion. According to the U.S. Census Bureau, the November figure is +8.5% above the Nov. 2021 estimate of $1,665.2 billion. During the first eleven months of this year, construction spending amounted to $1,657.6 billion, +10.5% above the $1,499.8 billion for the same period in 2021.

Private construction. Spending on private construction was at a seasonally adjusted annual rate of $1,426.4 billion, +0.3% above the revised October estimate of $1,421.6 billion. Residential construction was at a seasonally adjusted annual rate of $868 billion in November, -0.5% below the revised October estimate of $872.4 billion. Nonresidential construction was at a seasonally adjusted annual rate of $558.3 billion in November, +1.7% above the revised October estimate of $549.2 billion.

Private manufacturing had another strong month, with a +5.6% monthly increase over Oct. 2022 to $10.8 billion a +33.6% increase over Nov. 2021. Once again, private Computer/electronic/electrical was the strongest category with a +16.3% monthly and +204% annual increase to $57.5 billion.

Public construction. In November, the estimated seasonally adjusted annual rate of public construction spending was $381.1 billion, -0.1% below the revised October estimate of $381.6 billion. Educational construction was at a seasonally adjusted annual rate of $81.3 billion, +0.1% above the revised October estimate of $81.2 billion.