November 2024 Construction Spending Update

While overall construction showed slow declines over the first half of the year, this trend reversed in Q3 with slight increases across both Residential and Nonresidential segments.
Residential construction increased 0.5% in Q3 after a 1% decline in Q2.
Nonresidential construction grew 0.1% this quarter after a 0.4% decline over the previous quarter.
On an annual basis, construction spending is up a healthy 4.6% since September 2023.