Recently, the US Census released the results of its monthly Value of Construction Put in Place Survey. The survey provides estimates of the total dollar value of construction work done in the U.S. This data includes design and construction spending for public and private projects.  

With an estimate of $2.05 trillion (seasonally adjusted) for November 2023, this is the 11th consecutive month where construction spending rose, beginning in December 2022. 

Total Construction spending growth continues to be strong. Nominal values are still at all-time highs with 11.3% growth (seasonally adjusted). 

• MoM growth is 0.4%, a decrease from last month’s revised 1.2% 


• Spending growth continues to vary by project classification 


• Year to Date spending growth on Public Construction projects is significantly higher at 14.6% compared to Private Construction at 3.9% 

Source: US Census Value of Construction Put in Place Survey January 2, 2024, release 

 

Nonresidential spending continues to have larger share of total construction spending since crossover in September 2022 though is plateauing 

• Nonresidential project classifications grew at 18.1% YOY, a decrease from last month’s 20.0% 


• Total nonresidential saw a decline in MoM growth at -0.1% compared to last month’s 0.1% 

 

Residential spending continues upward growth from April 2023 low 

• November was the second month in 2023 with positive YoY growth at 3.7% 


• 7th consecutive positive MoM growth at 1.2% 

Source: US Census Value of Construction Put in Place Survey, January 2, 2024, release 

We can point to fiscal policy and subsequent private investment in sectors like manufacturing, and wastewater as supporting these high growth levels, while the residential sector continues its rebound. Compared to previous month’s, the Total Power (up 10.2% YTD) & Total Public Safety (up 11.3% YTD) sectors continue to grow and are no longer “bottom” growth categories, spurred by increased Government spending in this category.