Updated Construction Put in Place Data Released

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.

The seasonally adjusted annual rate of $2.17 trillion for October 2024 represents a monthly increase of 0.5%. This increase now brings the annual rate above May 2024 levels after declines throughout the summer. Private construction saw an increase of 0.7% month over month while Public construction saw a decline of 0.5%.

Source: US Census Value of Construction Put in Place Survey December 2, 2024 release

Nominal year over year growth remained positive at 5.0%. This is consistent with the 2024 Q3 2^nd estimate of real US GDP growth at 2.8%.

Source: US Census Value of Construction Put in Place Survey December 2, 2024 release

With respect to year over year growth in individual markets, manfucturing continues to be a top area for design & construction spending with total year to date (YTD) spending of $192.4b. The Water supply and Power markets are also maintaining robust growth, with the addition of the Amusement and recreation sector into the top 5 for the first time in 2024.

For the sectors with the lowest levels of growth, two categories expereincing significant decline include lodging and commercial. These sectors and office are all sensitive to interest rate levels and reflect the impact borrowing costs have had on land development for these sectors. The office sector remains slightly positive due to Data Center growth being included in this classification.

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