November 2022 Put in Place Construction Spending – Census Bureau

Total construction spending has increased in November 2022 to 1.807 trillion dollars up from 1.803T in October of 2022. Over the 1 year period from November 2021 to November 2021 total put in place spending increased by +8.5% from 1.665T. This breaks down into $930b in Non-residential spending and $877b in residential spending.

Non-residential construction spending by sector breaks up into 2 major categories, public and private. Private construction has increased by 8.1% from November 2021 and 0.3% from October 2022. Large increases in spending on manufacturing, and lodging are keeping up total spend at +43.2% and +30%. We see other increases in spending on transportation and commercial construction 21.4% and 20.4% respectively. From October 2022 the largest increases in spending on manufacturing construction, 6.5%. Two sectors have posted losses from November 2022 in the private non-residential sector, power and communication, losing -11% and -0.1%. 

Public non-residential construction has increased by +10.6% from November 2021. This growth has been led by Conservation and development and waste supply, each growing +36.3% and +31.6%. We continue to see projects in the commercial public sector as well as power and waste disposal, growing at +17.8%, +18.1%, and +18.5%. No public construction sector has seen losses over the past year. Its important to keep in mind that these figures are in total dollars spent, with increasing inflation the total dollar spend needs to match last year spend + current year spend to equal an increase in project volume for construction companies. With the current inflation at ~7% We can say there is marginal growth in both public and private non-residential construction.