Skip to content

Recently, the United States Census Bureau 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 $2.03 trillion (seasonally adjusted) for the month of October 2023, this was the 10th consecutive month where construction spending rose, beginning in December 2022.

Total Construction spending continues to be strong. Nominal values are still at all-time highs with 10.7% growth (seasonally adjusted).

• Month-over-month (MOM) growth is 0.6%, an increase from last month’s 0.4%

• Spending growth continues to vary by project classification

• Year-to-date spending growth on Public Construction projects is significantly higher at 14.1% compared to Private Construction at 3.3%

Source: US Census Bureau Value of Construction Put in Place Survey December 1, 2023 release

Nonresidential spending continues to have larger share of total construction spending since crossing over in September 2022, though is plateauing:

• Nonresidential project classifications grew at 20.0% year over year (YOY), an increase from last month’s 19.0%

• Total nonresidential saw a slight downtick in (MOM) growth at 0.1% compared to last month’s 0.3%

Residential spending continues upward growth from April 2023 low.

• October was first month in 2023 with positive monthly YOY growth at 0.9%

• 6th consecutive positive MOM growth at 1.2%

Source: US Census Bureau Value of Construction Put in Place Survey, November 1, 2023 release

We can point to fiscal policy and subsequent private investment in sectors like manufacturing, transportation and wastewater as supporting these high growth levels, while the residential sector continues its rebound. Compared to last month, the Total Power & Total Public Safety sectors continue to grow and are no longer a “bottom” growth category, spurred by increased Government spending in this category.


December 10, 2023



Scroll To Top