US construction spending up in November, rebar steady

• Monday, January 8, 2024
• Source:ferro-alloys.com

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[Ferro-Alloys.com]

 

Construction spending grew by 0.4pc to a seasonally adjusted annual rate of $2.05 trillion in November, with private investment driving the growth, according to the latest data from the US Census Bureau.

 

US Midwest rebar remained steady at $830-840/short ton in November as demand was unchanged. Import prices began moving higher from a price floor of $750-770/st as overseas pricing rises.

 

· Total construction spending was 11.3pc higher than November 2022.

· Total private construction spending was at a rate of $1.595 trillion, 0.7pc higher than October and 10pc higher than November 2022.

· Private residential spending in November was 1.1pc higher than October and 3.7pc higher year-to-year, with monthly and yearly increases for both single-family and multifamily spending.

· Private manufacturing spending grew 0.5pc from October to November, and 59.4pc from November 2022.

· Private commercial spending was down 0.5pc from October to November but grew 4.2pc from November 2022.

· Public spending was at a rate of $455bn in November, 0.7pc lower than October but 16.2pc higher than November 2022.

· Spending on highway and street construction and maintenance grew 0.1pc from October to November and 15.2pc year-to-year.

· Spending on the water supply and waste in November 2023 fell 1.5pc from October but grew 22pc from November 2022. argusmedia

 

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