In the first 11 months of 2024, construction spending reached $1.98trn. Credit: Clare Louise Jackson via Shutterstock.

The US Commerce Department’s Census Bureau has released data showing that the country’s construction spending remained stable in November 2024.

As per the report, the seasonally adjusted annual rate was estimated at $2.15trn, showing no significant change from the revised October estimate of $2.15trn. This figure represents a 3% increase from the November 2023 estimate of $2.09trn.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

In the first 11 months of 2024, construction spending reached $1.98trn, marking a 6.5% rise compared to the same period of the previous year.

Private construction spending saw a slight increase to $1.65trn while residential construction edged up to $906.2bn. Nonresidential construction spending was virtually unchanged at $744.5bn, according to the Census Bureau report.

Construction in the country this year may be hindered by rising mortgage rates, President-elect Donald Trump’s proposed tariffs on imports, and potential labour shortages stemming from the Trump administration’s policies on immigration, reported Reuters.

Trump’s proposed tax cuts and other policy pledges have been linked to increased mortgage rates despite the Federal Reserve’s efforts to reduce borrowing costs.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Last month, the US’ central bank implemented a third consecutive rate cut but revised its forecast to just two borrowing cost reductions next year, down from the four projected in September 2024, citing the economy’s ongoing resilience, according to the report.

Public construction spending in November 2024 was slightly down at $501.9bn, with educational construction dipping to $107.0bn.

However, highway construction spending saw a marginal increase to $142.9bn.

In November last year, the Census Bureau revealed that US construction spending rose by 0.1% in September of that year, reaching a seasonally adjusted annual rate of $2.14trn.

Construction spending in the first nine months of 2024 totalled $1.62trn, a 7.3% increase from $1.51trn in the same period of 2023.