Engineering Influence from ACEC
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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).
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
Residential spending continues upward growth from April 2023 low
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.
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