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U.S. Construction Recovery Continues in December

U.S. closes 2012 with 7.8 percent more overall construction spending than 2011.


The U.S. Census Bureau of the Department of Commerce announced today that construction spending during December 2012 was estimated at a seasonally adjusted annual rate of $885.0 billion, 0.9 percent (±1.6%)* above the revised November estimate of $876.9 billion. The December figure is 7.8 percent (±1.8%) above the December 2011 estimate of $820.6 billion.

The value of construction in 2012 was $850.2 billion, 9.2 percent (±1.3%) above the $778.2 billion spent in 2011.

PRIVATE CONSTRUCTION
Spending on private construction was at a seasonally adjusted annual rate of $614.9 billion, 2.0 percent (±1.3%) above the revised November estimate of $602.9 billion.

Residential construction was at a seasonally adjusted annual rate of $308.2 billion in December, 2.2 percent (±1.3%) above the revised November estimate of $301.7 billion.

Nonresidential construction was at a seasonally adjusted annual rate of $306.7 billion in December, 1.8 percent (±1.3%) above the revised November estimate of $301.2 billion.

The value of private construction in 2012 was $574.6 billion, 16.1 percent (±1.8%) above the $495.0 billion spent in 2011.

Residential construction in 2012 was $276.8 billion, 16.8 percent (±2.1%) above the 2011 figure of $237.0 billion and nonresidential construction was $297.7 billion, 15.4 percent (±1.8%) above the $258.0 billion in 2011.

In December, the estimated seasonally adjusted annual rate of public construction spending was $270.1 billion, 1.4 percent (±2.5%)* below the revised November estimate of $274.1 billion.

Educational construction was at a seasonally adjusted annual rate of $65.5 billion, 0.7 percent (±4.9%)* below the revised November estimate of $66.0 billion.

Highway construction was at a seasonally adjusted annual rate of $78.5 billion, 0.7 percent (±5.6%)* above the revised November estimate of $78.0 billion.

The value of public construction in 2012 was $275.6 billion, 2.7 percent (±1.6%) below the $283.3 billion spent in 2011.

Educational construction in 2012 was $67.7 billion, 3.5 percent (±3.6%)* below the 2011 figure of $70.1 billion and highway construction was $79.3 billion, 0.6 percent (±3.8%)* above the $78.9 billion in 2011.

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