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.