November construction spending up 11% YOY
Construction spending during November 2023 was estimated at a seasonally adjusted annual rate of $2,050.1 billion, 0.4% (±1.0%) above the revised October estimate of $2,042.5 billion. The November figure is 11.3% (±1.5%) above the November 2022 estimate of $1,842.2 billion.
During the first 11 months of this year, construction spending amounted to $1,817.1 billion, 6.2% (±1.0%) above the $1,711.1 billion for the same period in 2022.
Private Construction
Spending on private construction was at a seasonally adjusted annual rate of $1,595.0 billion, 0.7% (±0.5%) above the revised October estimate of $1,584.4 billion.
Residential construction was at a seasonally adjusted annual rate of $896.8 billion in November, 1.1% (±1.3%)* above the revised October estimate of $887.3 billion.
Nonresidential construction was at a seasonally adjusted annual rate of $698.2 billion in November, 0.2% (±0.5%)* above the revised October estimate of $697.1 billion.
Public Construction
In November, the estimated seasonally adjusted annual rate of public construction spending was $455.1 billion, 0.7% (±1.8%)* below the revised October estimate of $458.1 billion.
Educational construction was at a seasonally adjusted annual rate of $99.2 billion, 0.3% (±2.0%) below the revised October estimate of $99.5 billion. Highway construction was at a seasonally adjusted annual rate of $135.8 billion, 0.1% (±4.4%)* above the revised October estimate of $135.6 billion.
INDUSTRIAL SUPPLY MAGAZINE
The November/December issue of Industrial Supply magazine features an in-depth cover story about Kimball Midwest. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and Mike Marks, as well as interviews with numerous product and distribution industry experts.
