Total U.S. construction spending remained flat in November following three consecutive monthly increases, according to figures shared on Jan. 2 by the U.S. Census Bureau.

Spending in November was estimated at a seasonally adjusted annual rate of $2.152 trillion, unchanged from the revised October estimate. Economists at the Wall Street Journal had forecast a 0.3% increase in November. It followed an increase of 0.5% in October and 0.1% in August and September.

U.S. Construction Spending: Month-Over-Month % Change through November 2024

source: tradingeconomics.com

The November figure was up 3.0% year-over-year.

Year-to-date, spending through the first 11 months of 2024 was up 6.5% compared to the same period in 2023.

Private Construction

November spending on private construction was at a seasonally-adjusted annual rate of $1.650 trillion, 0.1% above the revised October estimate. Residential construction was at a rate of $906 billion, 0.1% above the revised October estimate, while nonresidential construction’s rate of $744.5 billion was virtually unchanged from the revised October estimate.

Public Construction

November spending on public construction was at a seasonally-adjusted annual rate of $501.9 billion, 0.1% below the revised October estimate. Education construction was at a rate of $107 billion, 0.2% below the October estimate, while highway construction’s rate of $142.9 billion, was 0.2% above the revised October estimate.