US November construction spending 0.0% vs +0.3% expected

• Prior was +0.4% (revised to +0.5%)
• Construction spending at $2.152T annual rate, unchanged from October
• Private construction +0.1% m/m to $1.651T
• Public construction -0.1% m/m to $501.9B
• YoY growth +3.0% vs +6.5% prior

Segments:

Residential: +0.1% m/m, up 3.1% y/y
• Nonresidential: flat m/m, +2.8% y/y
• Manufacturing: -0.2% m/m but still strong at +11.3% y/y

Construction spending holding steady but losing momentum compared to earlier in 2024. If I had a wish for the US in 2025, it would be rules to make construction easier and move more-quickly. The contrast with China is stark and depressing.

This article was written by Adam Button at www.forexlive.com.