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

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.