Press Launch: January 2, 2025 — The U.S. Census Bureau introduced the next worth put in place development statistics for November 2024:
Whole Development
Development spending throughout November 2024 was estimated at a seasonally adjusted annual charge of $2,152.6 billion, nearly unchanged from (±1.0 %)* the revised October estimate of $2,152.3 billion. The November determine is 3.0 % (±1.5 %) above the November 2023 estimate of $2,090.7 billion. Throughout the first eleven months of this yr, development spending amounted to $1,986.8 billion, 6.5 % (±1.2 %) above the $1,866.0 billion for a similar interval in 2023.
Non-public Development
Spending on non-public development was at a seasonally adjusted annual charge of $1,650.7 billion, 0.1 % (±0.5 %)* above the revised October estimate of $1,649.8 billion. Residential development was at a seasonally adjusted annual charge of $906.2 billion in November, 0.1 % (±1.3 %)* above the revised October estimate of $905.1 billion. Nonresidential development was at a seasonally adjusted annual charge of $744.5 billion in November, nearly unchanged from (±0.5 %)* the revised October estimate of $744.6 billion.
Public Development
In November, the estimated seasonally adjusted annual charge of public development spending was $501.9 billion, 0.1 % (±1.6 %)* beneath the revised October estimate of $502.5 billion. Instructional development was at a seasonally adjusted annual charge of $107.0 billion, 0.2 % (±2.5 %)* beneath the revised October estimate of $107.2 billion. Freeway development was at a seasonally adjusted annual
charge of $142.9 billion, 0.2 % (±4.3 %)* above the revised October estimate of $142.7 billion.
The December 2024 Month-to-month Development Spending Report is scheduled for launch on February 3, 2025. Numerous Tables with better element may be discovered just under the report.
Some Notes:
As taken from International Knowledge
The nation’s development spending remained steady in November 2024.
As per the report, the seasonally adjusted annual charge was estimated at $2.15 trn, exhibiting no vital change from the revised October estimate of $2.15 trn. This determine represents a 3% improve from the November 2023 estimate of $2.09 trn.
Within the first 11 months of 2024, development spending reached $1.98 trn, marking a 6.5% rise in comparison with the identical interval of the earlier yr.
Non-public development spending noticed a slight improve to $1.65 trn whereas residential development edged as much as $906.2bn. Nonresidential development spending was nearly unchanged at $744.5 bn, in accordance with the Census Bureau report.
Development within the nation this yr could also be hindered by rising mortgage charges, President-elect Donald Trump’s proposed tariffs on imports, and potential labor shortages stemming from the Trump administration’s insurance policies on immigration, reported Reuters.
Trump’s proposed tax cuts and different coverage pledges have been linked to elevated mortgage charges regardless of the Federal Reserve’s efforts to cut back borrowing prices.
Final month, the US’ central financial institution applied a 3rd consecutive charge minimize however revised its forecast to only two borrowing value reductions subsequent yr, down from the 4 projected in September 2024, citing the economic system’s ongoing resilience, in accordance with the report.
Public development spending in November 2024 was barely down at $501.9 bn, with instructional development dipping to $107.0 bn.
Nevertheless, freeway development spending noticed a marginal improve to $142.9 bn.
In November final yr, the Census Bureau revealed that US development spending rose by 0.1% in September of that yr, reaching a seasonally adjusted annual charge of $2.14 trn.
Development spending within the first 9 months of 2024 totaled $1.62 trn, a 7.3% improve from $1.51 trn in the identical interval of 2023.
“US construction spending unchanged in November 2024” was initially created and printed by World Development Community, a GlobalData owned model.
US development spending unchanged in November 2024, World Development Community
