Construction spending during November 2023 was estimated at a seasonally adjusted annual rate of $2,050.1 billion, 0.4% above October. The November figure is 11.3% above November 2022. During the first 11 months of this year, construction spending was 6.2% above the same period in 2022.
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Spending on private construction was 0.7% above October. Residential construction was 1.1% above October. Nonresidential construction was 0.2% above October.
In November, the estimated seasonally adjusted annual rate of public construction spending was $455.1 billion, 0.7% below October. Educational construction was 0.3% below October. Highway construction was 0.1% above October.
