Construction spending in the US increased 0.4% month-on-month to a seasonally adjusted annual rate of $2.05tn in November 2023.
This data was provided by the US Census Bureau in its monthly construction statistics for November 2023.
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This growth is less than the expected construction spending for the month, mainly due to a decrease in outlays on public projects, a Reuters report noted.
For October 2023, the data was revised to show a 1.2% increase in construction spending instead of consensus estimates for 0.6% growth, the report added.
The figures for November 2023 witnessed an 11.3% year-on-year increase from $1.84tn registered in November 2022.
In the first 11 months of 2023, construction spending in the US totalled $1.81tn, which is 6.2% more than the $1.71tn reported for the same period in 2022.
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By GlobalDataOverall spending on private construction was up by 0.7% to $1.59tn in November 2023 from a revised estimate of $1.58tn in October 2023.
In February 2023, the US Census Bureau released the construction spending report for December 2022, highlighting a 7.7% year-on-year increase compared to December 2021.
Analysts at GlobalData claimed that the US’ construction spending growth in 2022 was ‘fairly stable’ and maintained double-digit growth.
