Construction spending steady in November

Construction spending inched higher in November for a second straight month.

The US Census Bureau estimated spending at a seasonally adjusted annual rate of $2,152.3 billion in November, which was basically flat from October’s downward revised rate. The November figure is about 3% above a year ago.

During the first 11 months of 2024, construction spending amounted to $1,986.8 billion, a 6.5% increase year over year, according to Census data.

Private builds

Overall, private construction outlays were $1,650.7 billion at a seasonally adjusted annual rate. That’s about 0.1% above the revised October estimate, the report said. Residential construction spending rose about 0.1% month over month to $906.2 billion, while nonresidential construction outlays were flat at $744.5 billion in November.

Public projects

Public construction spending edged 0.1% lower in November to $501.9 billion. Educational construction contributed to that lag, slipping 0.2% to $107.2 billion in November, while highway construction spending improved slightly, up 0.2% m/m to $1.42.9 billion.

The chart below shows a rise in spending over recent years, particularly in nonresidential investment.

David Schollaert

David Schollaert is deputy editor-in-chief for Steel Market Update. David joined SMU after more than a decade in the metals and mining industry in a myriad of different roles. Much of his early experience and expertise were within the coverage and analysis of steel-making raw materials and served previously as senior editor of the CRU Prices Service. Most recently, however, before his return to market analysis, David held roles as a metals buyer and an operations manager for raw material suppliers. He can be contacted at david@steelmarketupdate.com or 724-720-1008.