AGC Report: Construction Spending Edges Up 0.2 Percent In November

Jan 18, 2023

On Jan. 3, the Associated General Contractors of America released their monthly construction spending report, which found construction spending inched up 0.2 percent in November 2022.

According to the report, construction spending, not adjusted for inflation, totaled $1.808 trillion at a seasonally adjusted annual rate in November, 0.2 percent above the October rate and 8.5 percent above the November 2021 rate. Spending on private residential construction declined for the sixth consecutive month in November, by 0.5 percent. Spending on private nonresidential construction rose 1.7 percent in November, while public construction investment edged down 0.1 percent.

AGC officials urged the nation’s leaders to address regulatory delays associated with construction projects and to more quickly release Infrastructure, Investment and Jobs Act funding. 

The report found construction spending, not adjusted for inflation, totaled $1.808 trillion at a seasonally adjusted annual rate in November, 0.2 percent above the October rate and 8.5 percent above the November 2021 rate. Spending on private residential construction declined for the sixth consecutive month in November, by 0.5 percent. Spending on private nonresidential construction rose 1.7 percent in November, while public construction investment edged down 0.1 percent.

Spending on manufacturing facilities climbed 6.5 percent for the month and 43 percent compared to November 2021, with commercial construction unchanged.

The report also noted that residential spending shrank 2.9 percent from October in single-family homebuilding.

Furthermore, highway and street construction fell by 1 percent in November.

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