U.S. construction tops $1 trillion in 2015
Private construction grows 12.3 percent over 2014; public construction grows 5.6 percent for year.
The U.S. Census Bureau of the Department of Commerce announced today that construction spending during December 2015 was estimated at a seasonally adjusted annual rate of $1,116.6 billion, 0.1 percent (±1.2%)* above the revised November estimate of $1,116.0 billion. The December figure is 8.2 percent (±1.8%) above the December 2014 estimate of $1,031.6 billion.
The value of construction in 2015 was $1,097.3 billion, 10.5 percent (±1.2%) above the $993.4 billion spent in 2014.
PRIVATE CONSTRUCTION
Spending on private construction was at a seasonally adjusted annual rate of $824.0 billion, 0.6 percent (±0.8%)* below the revised November estimate of $828.8 billion.
Residential construction was at a seasonally adjusted annual rate of $429.6 billion in December, 0.9 percent (±1.3%)* above the revised November estimate of $425.8 billion.
Nonresidential construction was at a seasonally adjusted annual rate of $394.4 billion in December, 2.1 percent (±0.8%) below the revised November estimate of $403.0 billion.
The value of private construction in 2015 was $806.1 billion, 12.3 percent (±1.5%) above the $717.7 billion spent in 2014.
Residential construction in 2015 was $416.8 billion, 12.6 percent (±2.1%) above the 2014 figure of $370.0 billion and nonresidential construction was $389.3 billion, 12.0 percent (±1.5%) above the $347.7 billion in 2014.
PUBLIC CONSTRUCTION
In December, the estimated seasonally adjusted annual rate of public construction spending was $292.5 billion, 1.9 percent (±2.0%)* above the revised November estimate of $287.1 billion.
Educational construction was at a seasonally adjusted annual rate of $69.4 billion, 0.5 percent (±3.9%)* below the revised November estimate of $69.8 billion.
Highway construction was at a seasonally adjusted annual rate of $95.4 billion, 9.4 percent (±4.4%) above the revised November estimate of $87.2 billion.
The value of public construction in 2015 was $291.2 billion, 5.6 percent (±1.6%) above the $275.7 billion spent in 2014.
Educational construction in 2015 was $67.3 billion, 6.8 percent (±3.5%) above the 2014 figure of $63.0 billion and highway construction was $89.6 billion, 6.7 percent (±3.9%) above the $84.0 billion in 2014.
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