Construction spending in the United States reached $2.17 trillion at a seasonally adjusted annual rate in October 2024, marking a 0.4% increase from September's revised $2.16 trillion. This represents a 5% rise compared to the $2.07 trillion reported in October 2023, according to the latest release from the U.S. Census Bureau.
Private construction spending stood at $1.68 trillion, up 0.7% from the previous month, with residential construction rising 1.5% to $934 billion. However, nonresidential private construction experienced a slight decline of 0.3% to $742 billion. In contrast, public construction spending decreased by 0.5%, totaling $498 billion. Educational construction fell 0.4% to $105 billion, while highway construction saw a 0.7% decline to $141 billion.
Residential construction, both private and public, showed consistent annual growth of 6.4%. Meanwhile, manufacturing construction surged 16.6% year-on-year, reflecting robust investment in industrial infrastructure. Public safety and water supply projects also showed strong annual increases of 21.8% and 18.2%, respectively.
For the first ten months of 2024, total construction spending reached $1.81 trillion, up 7.2% from the $1.69 trillion recorded during the same period in 2023.
