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US construction spending during November 2022 was estimated at a seasonally adjusted annual rate of $1,807.5 billion, 0.2 percent (±0.8 percent)* above the revised October estimate of $1,803.2 billion. The November figure is 8.5 percent (±1.3 percent) above the November 2021 estimate of $1,665.2 billion. During the first eleven months of this year, construction spending amounted to $1,657.6 billion, 10.5 percent (±1.0 percent) above the $1,499.8 billion for the same period in 2021, the United States Census Bureau said today (3 Jan 2023).
Construction, aside from being an indicator of the overall health of the US economy, is particularly important to automakers with a substantial stake in the highly profitable pickup truck segments at the Detroit Three – General Motors with Chevrolet and GMC; FCA with Ram; and Ford Motor with F-series. While the Biden administration recovery is continuing, The Federal Reserve interest hikes appear likely to send the US economy into an unneeded and unwanted recession.
Spending on private construction was at a seasonally adjusted annual rate of $1,426.4 billion, 0.3 percent (±0.5 percent)* above the revised October estimate of $1,421.6 billion. Residential construction was at a seasonally adjusted annual rate of $868.0 billion in November, 0.5 percent (±1.3 percent)* below the revised October estimate of $872.4 billion. Nonresidential construction was at a seasonally adjusted annual rate of $558.3 billion in November, 1.7 percent (±0.5 percent) above the revised October estimate of $549.2 billion.
In November, the estimated seasonally adjusted annual rate of public construction spending was $381.1 billion, 0.1 percent (±1.5 percent)* below the revised October estimate of $381.6 billion. Educational construction was at a seasonally adjusted annual rate of $81.3 billion, 0.1 percent (±1.5 percent)* above the revised October estimate of $81.2 billion. Highway construction was at a seasonally adjusted annual rate of $115.0 billion, 1.0 percent (±3.3 percent)* below the revised October estimate of $116.2 billion.
*The 90 percent confidence interval includes zero. There is insufficient evidence to conclude that the actual change is different from zero, according to the Census Bureau.
About Ken Zino
Ken Zino, editor and publisher of AutoInformed, is a versatile auto industry participant with global experience spanning decades in print and broadcast journalism, as well as social media. He has automobile testing, marketing, public relations and communications experience. He is past president of The International Motor Press Assn, the Detroit Press Club, founding member and first President of the Automotive Press Assn. He is a member of APA, IMPA and the Midwest Automotive Press Assn.
He also brings an historical perspective while citing their contemporary relevance of the work of legendary auto writers such as Ken Purdy, Jim Dunne or Jerry Flint, or writers such as Red Smith, Mark Twain, Thomas Jefferson – all to bring perspective to a chaotic automotive universe.
Above all, decades after he first drove a car, Zino still revels in the sound of the exhaust as the throttle is blipped during a downshift and the driver’s rush that occurs when the entry, apex and exit points of a turn are smoothly and swiftly crossed. It’s the beginning of a perfect lap.
AutoInformed has an editorial philosophy that loves transportation machines of all kinds while promoting critical thinking about the future use of cars and trucks.
Zino builds AutoInformed from his background in automotive journalism starting at Hearst Publishing in New York City on Motor and MotorTech Magazines and car testing where he reviewed hundreds of vehicles in his decade-long stint as the Detroit Bureau Chief of Road & Track magazine. Zino has also worked in Europe, and Asia – now the largest automotive market in the world with China at its center.
US Construction Spending For November 2022 Flat
Click for more information.
US construction spending during November 2022 was estimated at a seasonally adjusted annual rate of $1,807.5 billion, 0.2 percent (±0.8 percent)* above the revised October estimate of $1,803.2 billion. The November figure is 8.5 percent (±1.3 percent) above the November 2021 estimate of $1,665.2 billion. During the first eleven months of this year, construction spending amounted to $1,657.6 billion, 10.5 percent (±1.0 percent) above the $1,499.8 billion for the same period in 2021, the United States Census Bureau said today (3 Jan 2023).
Construction, aside from being an indicator of the overall health of the US economy, is particularly important to automakers with a substantial stake in the highly profitable pickup truck segments at the Detroit Three – General Motors with Chevrolet and GMC; FCA with Ram; and Ford Motor with F-series. While the Biden administration recovery is continuing, The Federal Reserve interest hikes appear likely to send the US economy into an unneeded and unwanted recession.
Spending on private construction was at a seasonally adjusted annual rate of $1,426.4 billion, 0.3 percent (±0.5 percent)* above the revised October estimate of $1,421.6 billion. Residential construction was at a seasonally adjusted annual rate of $868.0 billion in November, 0.5 percent (±1.3 percent)* below the revised October estimate of $872.4 billion. Nonresidential construction was at a seasonally adjusted annual rate of $558.3 billion in November, 1.7 percent (±0.5 percent) above the revised October estimate of $549.2 billion.
In November, the estimated seasonally adjusted annual rate of public construction spending was $381.1 billion, 0.1 percent (±1.5 percent)* below the revised October estimate of $381.6 billion. Educational construction was at a seasonally adjusted annual rate of $81.3 billion, 0.1 percent (±1.5 percent)* above the revised October estimate of $81.2 billion. Highway construction was at a seasonally adjusted annual rate of $115.0 billion, 1.0 percent (±3.3 percent)* below the revised October estimate of $116.2 billion.
*The 90 percent confidence interval includes zero. There is insufficient evidence to conclude that the actual change is different from zero, according to the Census Bureau.
About Ken Zino
Ken Zino, editor and publisher of AutoInformed, is a versatile auto industry participant with global experience spanning decades in print and broadcast journalism, as well as social media. He has automobile testing, marketing, public relations and communications experience. He is past president of The International Motor Press Assn, the Detroit Press Club, founding member and first President of the Automotive Press Assn. He is a member of APA, IMPA and the Midwest Automotive Press Assn. He also brings an historical perspective while citing their contemporary relevance of the work of legendary auto writers such as Ken Purdy, Jim Dunne or Jerry Flint, or writers such as Red Smith, Mark Twain, Thomas Jefferson – all to bring perspective to a chaotic automotive universe. Above all, decades after he first drove a car, Zino still revels in the sound of the exhaust as the throttle is blipped during a downshift and the driver’s rush that occurs when the entry, apex and exit points of a turn are smoothly and swiftly crossed. It’s the beginning of a perfect lap. AutoInformed has an editorial philosophy that loves transportation machines of all kinds while promoting critical thinking about the future use of cars and trucks. Zino builds AutoInformed from his background in automotive journalism starting at Hearst Publishing in New York City on Motor and MotorTech Magazines and car testing where he reviewed hundreds of vehicles in his decade-long stint as the Detroit Bureau Chief of Road & Track magazine. Zino has also worked in Europe, and Asia – now the largest automotive market in the world with China at its center.