The US Census Bureau reported on Thursday that construction spending in November remained flat at a seasonally adjusted annual rate of $2.15 trillion, marking no change from October's revised figure. However, the figure saw a 3% increase compared to November 2023.

Private construction spending increased 0.1% to $1.65 trillion, with residential projects rising to $906.2 billion, offsetting stagnation in nonresidential construction, which held steady at $744.5 billion. Public construction spending slightly declined by 0.1%, falling to $501.9 billion. Educational construction dipped 0.2% to $107 billion, while highway construction rose marginally by 0.2% to $142.9 billion.

Total construction spending reached $1.99 trillion for the first 11 months of 2024, a 6.5% increase from the same period in 2023.