Spending on U.S. construction in November 2024 stood at a seasonally adjusted annual rate of $2.15 trillion, reflecting a 3% increase compared to November 2023, according to the U.S. Census Bureau. The total for the first 11 months of 2024 amounted to $1.99 trillion, marking a 6.5% rise from the $1.87 trillion recorded during the same period in 2023.
Private construction spending reached $1.65 trillion in November, a slight increase of 0.1% from October’s revised figure of $1.65 trillion. Residential construction led the segment, accounting for $906 billion, which also represented a 0.1% rise month-on-month. Nonresidential private construction remained stable at $744 billion.
Public construction, in contrast, declined marginally by 0.1% from October, standing at $502 billion in November. Educational construction led public projects at $107 billion, while highway construction increased slightly by 0.2% to $143 billion.