Construction spending rose 0.4% from October to November to a seasonally adjusted annual rate of $2.050 trillion, according to the U.S. Census Bureau. Compared with November 2022, construction spending jumped 11.3%.
“Private construction spending is showing renewed vigor in homebuilding and selected private nonresidential categories, while developer-financed spending languishes,” stated Ken Simonson, chief economist for the Associated General Contractors of America.
Private residential construction rose 1.1% as single-family construction climbed 2.9%, its seventh consecutive month of growth. Private nonresidential spending increased 0.2% and manufacturing construction rose 0.5%.
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