FAQs:

1. What was the percentage increase in private residential construction spending in November 2024?

Private residential construction spending increased by 0.1% in November 2024.

2. How did single-family construction spending change in November?

Single-family construction spending increased by 0.3% in November.

3. What was the year-over-year change in residential improvements spending in November?

Residential improvements spending was 13.4% higher compared to the same period last year.

4. What were the main reasons for the annual increase in private nonresidential construction spending?

The main reasons for the annual increase in private nonresidential construction spending were higher spending in the manufacturing ($23.4 billion) and power ($6.1 billion) categories.

Conclusion:

The latest U.S. Census Construction Spending data for November 2024 shows a slight increase in private residential construction spending, driven by single-family construction and residential improvements. Despite some fluctuations, there is overall growth in construction spending compared to the previous year. Additionally, private nonresidential construction spending also saw a significant annual increase, with manufacturing and power categories leading the way. These trends indicate a positive outlook for the construction industry, with both residential and nonresidential sectors showing signs of growth.