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. 

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. 

Overall 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.