In January 2024 growth in construction spending slows
Construction Spending
Modified 2024-03-11T21:20:07+00:00 Goran Soko / CSIMarket.com Contributer
Outlays for U.S. construction projects continue to grow but on the slower pace, mainly because of commercial construction spending by -1.67 %. Construction spending increased by 0.3 % in January 2024 to the highest annual rate of $2102.4 billion on the seasonally adjusted basis, reported by the Commerce Department. Construction grew across many sectors.
Improving rate in construction spending growth is good news, it shows improving sentiment within the economy.
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From the same month a year ago, construction spending jumped by 14.5 % as the private construction outlays grew less than total construction. Private construction outlays decreased despite the increase in total construction spending, by -1.2 % on the seasonally adjusted basis. Private residential spending is important indicator of wealth, as it shows the state of the housing sector and if the citizens are buying new homes or not. The construction of private projects jumped by 7 % for the year.
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Public Construction Spending
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Outlays for public construction increased by 0.6 % more then double the rate, of total construction growth on the seasonally adjusted basis, led by increases of nonresidential construction in amusement, recreation projects and commercial buildings. Construction spending for office buildings declined. Growth in public construction spending is very volatile and often it does not reflect current economic contidions. From the same month a year ago, public construction outlays jumped by 21.5 %.
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Construction Spending Seasonally Adjusted
( in millions $) Annual Rate |
Jan. 2024
Prel. |
Dec. 2023
Prel. |
Nov. 2023
Prel. |
Oct. 2023
Prel. |
Sep. 2023
Prel. |
Total Construction |
|
2,102,434 |
2,096,012 |
2,050,058 |
2,027,072 |
1,996,525 |
Residential |
|
912,206 |
922,161 |
907,395 |
895,130 |
882,325 |
Nonresidential |
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1,190,228 |
1,173,851 |
1,142,663 |
1,131,941 |
1,114,201 |
Lodging |
|
23,807 |
23,681 |
23,156 |
24,317 |
24,266 |
Office |
|
101,975 |
101,408 |
100,945 |
101,176 |
99,937 |
Commercial |
|
130,964 |
133,194 |
131,982 |
132,885 |
134,118 |
Health care |
|
67,361 |
65,640 |
63,348 |
62,620 |
62,296 |
Educational |
|
126,546 |
124,456 |
123,033 |
121,366 |
118,221 |
Religious |
|
3,921 |
3,818 |
3,585 |
3,521 |
3,155 |
Public safety |
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14,765 |
14,921 |
14,181 |
14,022 |
13,156 |
Amusement & recreation |
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34,507 |
34,453 |
33,370 |
33,289 |
33,592 |
Transportation |
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65,341 |
65,001 |
64,355 |
64,657 |
64,331 |
Power |
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134,476 |
130,644 |
128,115 |
124,883 |
123,236 |
Highway & street |
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151,080 |
152,375 |
136,972 |
132,867 |
132,132 |
Sewage & waste disposal |
|
44,016 |
44,050 |
43,819 |
43,170 |
42,127 |
Water supply |
|
29,226 |
29,162 |
29,301 |
28,744 |
27,780 |
Conservation & development |
|
11,823 |
11,903 |
11,351 |
12,243 |
11,678 |
Manufacturing |
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224,947 |
213,892 |
209,778 |
206,845 |
198,926 |
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Total Private Construction
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900,846 |
911,713 |
896,758 |
884,422 |
872,038 |
Residential |
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900,846 |
911,713 |
896,758 |
884,422 |
872,038 |
New single family |
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430,129 |
427,435 |
422,579 |
408,745 |
402,319 |
New multi-family |
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134,477 |
135,932 |
135,630 |
135,602 |
135,650 |
Nonresidential |
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722,602 |
707,972 |
698,192 |
694,847 |
683,866 |
Lodging |
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23,217 |
23,298 |
22,848 |
24,017 |
23,979 |
Office |
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86,082 |
85,390 |
85,398 |
85,622 |
84,484 |
Commercial |
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126,122 |
128,414 |
127,286 |
128,444 |
129,502 |
Health care |
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53,699 |
51,947 |
50,534 |
49,864 |
49,365 |
Educational |
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24,996 |
24,183 |
23,815 |
24,215 |
23,780 |
Religious |
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3,921 |
3,818 |
3,585 |
3,521 |
3,155 |
Amusement & recreation |
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16,506 |
16,530 |
16,129 |
16,155 |
16,400 |
Transportation |
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19,674 |
19,664 |
19,801 |
19,605 |
19,513 |
Communication |
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24,944 |
24,811 |
24,843 |
24,826 |
24,737 |
Power |
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114,774 |
111,628 |
110,080 |
108,329 |
106,493 |
Manufacturing |
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224,293 |
213,486 |
209,335 |
206,337 |
198,453 |
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Total Public Construction |
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478,986 |
476,326 |
455,108 |
447,802 |
440,622 |
Residential |
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11,360 |
10,447 |
10,638 |
10,708 |
10,286 |
Nonresidential |
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467,626 |
465,879 |
444,471 |
437,094 |
430,335 |
Office |
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15,893 |
16,017 |
15,547 |
15,554 |
15,453 |
Commercial |
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4,843 |
4,780 |
4,696 |
4,441 |
4,616 |
Health care |
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13,661 |
13,694 |
12,814 |
12,755 |
12,930 |
Educational |
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101,549 |
100,274 |
99,217 |
97,152 |
94,441 |
Public safety |
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14,575 |
14,730 |
13,882 |
13,775 |
12,897 |
Amusement & recreation |
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18,002 |
17,923 |
17,241 |
17,133 |
17,192 |
Transportation |
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45,667 |
45,337 |
44,554 |
45,051 |
44,818 |
Power |
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19,702 |
19,016 |
18,035 |
16,555 |
16,743 |
Highway & street |
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150,115 |
151,167 |
135,790 |
131,965 |
131,145 |
Sewage & waste disposal |
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41,920 |
41,919 |
42,063 |
41,527 |
40,546 |
Water supply |
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28,236 |
27,927 |
28,014 |
27,683 |
26,649 |
Conservation & development |
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11,691 |
11,864 |
11,337 |
12,183 |
11,629 |
Construction Spending by Month and Category Year on Year Growth at Annual Rate
Construction Spending Seasonally
Adjusted
Annuall Rate ( Y/Y in % ) |
Jan. 2024
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Dec. 2023
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Nov. 2023
|
Oct. 2023
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Sep. 2023
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Total Construction |
14.54 % |
15.82 % |
12.81 % |
12.1 % |
10.24 % |
Residential |
7.16 % |
6.45 % |
4.4 % |
2.41 % |
-4.85 % |
Nonresidential |
20.93 % |
24.42 % |
20.52 % |
21.16 % |
26.06 % |
Lodging |
5.9 % |
10.01 % |
7.29 % |
11.32 % |
32.05 % |
Office |
5.35 % |
10.18 % |
9.17 % |
12.58 % |
16.08 % |
Commercial |
2.36 % |
5.16 % |
4.69 % |
5.58 % |
16.34 % |
Health care |
18.88 % |
19.73 % |
13.94 % |
13.53 % |
21.28 % |
Educational |
17.69 % |
19.56 % |
17.39 % |
17.34 % |
22.24 % |
Religious |
27.02 % |
43.26 % |
27.26 % |
30.07 % |
1.06 % |
Public safety |
33.11 % |
30.11 % |
19.9 % |
19.45 % |
17.91 % |
Amusement & recreation |
18.57 % |
20.04 % |
15.93 % |
16.2 % |
28.37 % |
Transportation |
5.11 % |
8.04 % |
7.32 % |
8.56 % |
16.2 % |
Power |
19.76 % |
21.46 % |
19.49 % |
17.67 % |
14.25 % |
Highway & street |
24.2 % |
28.94 % |
17.13 % |
12.78 % |
21.03 % |
Sewage & waste disposal |
24.92 % |
29.15 % |
28.99 % |
29.98 % |
30.21 % |
Water supply |
21.86 % |
20.9 % |
18.66 % |
13.67 % |
12.5 % |
Conservation & development |
13.57 % |
21.76 % |
2.35 % |
25.76 % |
41.29 % |
Manufacturing |
62.02 % |
74.38 % |
67.19 % |
74.89 % |
75.42 % |
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Total Private Construction
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7.04 % |
6.37 % |
4.28 % |
2.26 % |
-5.01 % |
Residential |
7.04 % |
6.37 % |
4.28 % |
2.26 % |
-5.01 % |
New single family |
14.6 % |
11.18 % |
7.42 % |
0.63 % |
-5.06 % |
New multi-family |
10.02 % |
12.98 % |
16.36 % |
20.8 % |
33.58 % |
Nonresidential |
20.53 % |
24.21 % |
21.86 % |
23.77 % |
28.47 % |
Lodging |
4.36 % |
10.35 % |
7.88 % |
12.22 % |
34.4 % |
Office |
2.84 % |
7.47 % |
7.51 % |
10.34 % |
13.85 % |
Commercial |
2.03 % |
4.88 % |
4.36 % |
5.54 % |
16.32 % |
Health care |
20.02 % |
19.73 % |
15.26 % |
14.61 % |
20.89 % |
Educational |
17.62 % |
21.52 % |
16.85 % |
22.5 % |
28.27 % |
Religious |
27.02 % |
43.26 % |
27.26 % |
30.07 % |
1.06 % |
Amusement & recreation |
10.89 % |
14.19 % |
10.25 % |
10.2 % |
23.1 % |
Transportation |
1.72 % |
5.28 % |
6.63 % |
7.18 % |
27.92 % |
Communication |
0.52 % |
-0.09 % |
0.72 % |
0.04 % |
1.41 % |
Power |
14.04 % |
13.91 % |
12.93 % |
12.41 % |
8.42 % |
Manufacturing |
62.01 % |
74.74 % |
67.49 % |
75.32 % |
76.02 % |
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Total Public Construction |
21.45 % |
24.48 % |
18.4 % |
17.22 % |
22.11 % |
Residential |
17.48 % |
14.17 % |
15.63 % |
16.34 % |
10.98 % |
Nonresidential |
21.55 % |
24.73 % |
18.47 % |
17.24 % |
22.4 % |
Office |
21.44 % |
27.28 % |
19.23 % |
26.73 % |
30.01 % |
Commercial |
11.77 % |
13.3 % |
14.34 % |
6.63 % |
16.77 % |
Health care |
14.58 % |
19.74 % |
9.01 % |
9.48 % |
22.78 % |
Educational |
17.7 % |
19.1 % |
17.52 % |
16.12 % |
20.81 % |
Public safety |
34.01 % |
30.98 % |
19.69 % |
19.92 % |
17.89 % |
Amusement & recreation |
26.61 % |
25.99 % |
21.79 % |
22.48 % |
33.82 % |
Transportation |
6.64 % |
9.28 % |
7.63 % |
9.17 % |
11.74 % |
Power |
69.17 % |
98.89 % |
85.18 % |
69.73 % |
73.68 % |
Highway & street |
24.37 % |
28.88 % |
17.07 % |
12.92 % |
20.98 % |
Sewage & waste disposal |
21.63 % |
26.16 % |
27.08 % |
27.98 % |
27.52 % |
Water supply |
21.73 % |
19.49 % |
17.33 % |
13.01 % |
11.73 % |
Conservation & development |
12.85 % |
22.99 % |
3.4 % |
26.93 % |
42.36 % |
Construction Spending by Month and Category Month on Month Growth at Annual Rate
Construction Spending Seasonally
Adjusted
Annuall Rate ( M/M in % ) |
Jan. 2024
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Dec. 2023
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Nov. 2023
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Oct. 2023
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Sep. 2023
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Total Construction |
0.31 % |
2.24 % |
1.13 % |
1.53 % |
0.41 % |
Residential |
-1.08 % |
1.63 % |
1.37 % |
1.45 % |
0.59 % |
Nonresidential |
1.4 % |
2.73 % |
0.95 % |
1.59 % |
0.28 % |
Lodging |
0.53 % |
2.27 % |
-4.77 % |
0.21 % |
-0.67 % |
Office |
0.56 % |
0.46 % |
-0.23 % |
1.24 % |
0.2 % |
Commercial |
-1.67 % |
0.92 % |
-0.68 % |
-0.92 % |
0.74 % |
Health care |
2.62 % |
3.62 % |
1.16 % |
0.52 % |
-0.43 % |
Educational |
1.68 % |
1.16 % |
1.37 % |
2.66 % |
1.82 % |
Religious |
2.7 % |
6.5 % |
1.82 % |
11.6 % |
-2.41 % |
Public safety |
-1.05 % |
5.22 % |
1.13 % |
6.58 % |
-0.42 % |
Amusement & recreation |
0.16 % |
3.25 % |
0.24 % |
-0.9 % |
1.27 % |
Transportation |
0.52 % |
1 % |
-0.47 % |
0.51 % |
-0.36 % |
Power |
2.93 % |
1.97 % |
2.59 % |
1.34 % |
0.95 % |
Highway & street |
-0.85 % |
11.25 % |
3.09 % |
0.56 % |
-0.07 % |
Sewage & waste disposal |
-0.08 % |
0.53 % |
1.5 % |
2.48 % |
-0.4 % |
Water supply |
0.22 % |
-0.47 % |
1.94 % |
3.47 % |
-0.32 % |
Conservation & development |
-0.67 % |
4.86 % |
-7.29 % |
4.84 % |
1.26 % |
Manufacturing |
5.17 % |
1.96 % |
1.42 % |
3.98 % |
-0.42 % |
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Total Private Construction
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-1.19 % |
1.67 % |
1.39 % |
1.42 % |
0.63 % |
Residential |
-1.19 % |
1.67 % |
1.39 % |
1.42 % |
0.63 % |
New single family |
0.63 % |
1.15 % |
3.38 % |
1.6 % |
1.28 % |
New multi-family |
-1.07 % |
0.22 % |
0.02 % |
-0.04 % |
-0.15 % |
Nonresidential |
2.07 % |
1.4 % |
0.48 % |
1.61 % |
0.12 % |
Lodging |
-0.35 % |
1.97 % |
-4.87 % |
0.16 % |
-0.44 % |
Office |
0.81 % |
-0.01 % |
-0.26 % |
1.35 % |
0.04 % |
Commercial |
-1.78 % |
0.89 % |
-0.9 % |
-0.82 % |
0.55 % |
Health care |
3.37 % |
2.8 % |
1.34 % |
1.01 % |
-0.25 % |
Educational |
3.36 % |
1.55 % |
-1.65 % |
1.83 % |
1.45 % |
Religious |
2.7 % |
6.5 % |
1.82 % |
11.6 % |
-2.41 % |
Amusement & recreation |
-0.15 % |
2.49 % |
-0.16 % |
-1.49 % |
1.74 % |
Transportation |
0.05 % |
-0.69 % |
1 % |
0.47 % |
-1.07 % |
Communication |
0.54 % |
-0.13 % |
0.07 % |
0.36 % |
0.39 % |
Power |
2.82 % |
1.41 % |
1.62 % |
1.72 % |
0.39 % |
Manufacturing |
5.06 % |
1.98 % |
1.45 % |
3.97 % |
-0.4 % |
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Total Public Construction |
0.56 % |
4.66 % |
1.63 % |
1.63 % |
0.43 % |
Residential |
8.74 % |
-1.8 % |
-0.65 % |
4.1 % |
-3.15 % |
Nonresidential |
0.37 % |
4.82 % |
1.69 % |
1.57 % |
0.52 % |
Office |
-0.77 % |
3.02 % |
-0.05 % |
0.65 % |
1.03 % |
Commercial |
1.32 % |
1.79 % |
5.74 % |
-3.79 % |
6.38 % |
Health care |
-0.24 % |
6.87 % |
0.46 % |
-1.35 % |
-1.13 % |
Educational |
1.27 % |
1.07 % |
2.13 % |
2.87 % |
1.91 % |
Public safety |
-1.05 % |
6.11 % |
0.78 % |
6.81 % |
-0.72 % |
Amusement & recreation |
0.44 % |
3.96 % |
0.63 % |
-0.34 % |
0.82 % |
Transportation |
0.73 % |
1.76 % |
-1.1 % |
0.52 % |
-0.04 % |
Power |
3.61 % |
5.44 % |
8.94 % |
-1.12 % |
4.64 % |
Highway & street |
-0.7 % |
11.32 % |
2.9 % |
0.63 % |
-0.2 % |
Sewage & waste disposal |
0 % |
-0.34 % |
1.29 % |
2.42 % |
-0.55 % |
Water supply |
1.11 % |
-0.31 % |
1.2 % |
3.88 % |
-0.37 % |
Conservation & development |
-1.46 % |
4.65 % |
-6.94 % |
4.76 % |
1.12 % |
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