An increase in residential construction brought total construction spending up by 0.4% in November, according to a report from the Associated General Contractors of America (AGC). The uptick offsets a slowdown in public spending.
Construction spending totaled $2.050 trillion in November, a 0.4% increase over October.
“Private construction spending is showing renewed vigor in homebuilding and selected private nonresidential categories, while developer-financed spending languishes,” AGC’s chief economist Ken Simonson said in a statement on Jan. 2.
Private residential construction increased by 1.1% while multifamily builds inched up 0.1%.
Spending on private nonresidential construction increased for the fifth consecutive month by 0.2%, AGC said. However, the largest segment was manufacturing construction, which rose by 0.5%. Overall commercial construction fell by 0.5%.
Decreased funding for public construction on education, transportation, and other infrastructure categories led to a 2.2% drop in November, according to AGC. But highway and road construction increased by 0.1%.
The AGC is set to release its 2024 outlook on Thursday, Jan. 4.
Becca MoczygembaRead more from Becca Moczygemba
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