November 2022 Construction Spending
The U.S. Census Bureau announced construction spending for November 2022 was at a seasonally adjusted annual rate of $1,807 billion, 0.2% above the revised estimate of $1,803 billion in October. Compared to the same period last year, construction spending was up 8.5%. During the first eleven months of 2022, spending amounted to $1,658 billion, up 10.5% above the same period in 2021.
While private construction spending in November was $1,426 billion, 0.3% above the revised October estimate of $1,422 billion, public construction spending was $381 billion, just 0.5% below the revised October estimate of $382 billion, with education construction as the primary contributor at $81.3, which is just 0.1% above the previous month. However, compared to last year’s period, public construction spending is up 10% from $345 last November.
More information may be found at: https://www.census.gov/construction/c30/pdf/release.pdf