News - 2022.02.01 U.S. Construction Spending Grows 8.2 Percent in 2021
Residential construction in 2021 grew 23.2 percent year over year.
The U.S. Census Bureau announced the following value put in place construction statistics for December 2021:
Total Construction
Construction spending during December 2021 was estimated at a seasonally adjusted annual rate of $1,639.9 billion, 0.2 percent (± 0.8 percent)* above the revised November estimate of $1,636.5 billion. The December figure is 9.0 percent (±1.0 percent) above the December 2020 estimate of $1,504.2 billion.
The value of construction in 2021 was $1,589.0 billion, 8.2 percent (±0.8 percent) above the $1,469.2 billion spent in 2020.
Private Construction
Spending on private construction was at a seasonally adjusted annual rate of $1,292.9 billion, 0.7 percent (±0.5 percent) above the revised November estimate of $1,283.8 billion.
Residential construction was at a seasonally adjusted annual rate of $810.3 billion in December, 1.1 percent (±1.3 percent)* above the revised November estimate of $801.1 billion.
Nonresidential construction was at a seasonally adjusted annual rate of $482.6 billion in December, virtually unchanged from (±0.5 percent)* the revised November estimate of $482.7 billion.
The value of private construction in 2021 was $1,242.8 billion, 12.2 percent (±1.0 percent) above the $1,107.9 billion spent in 2020.
Residential construction in 2021 was $774.9 billion, 23.2 percent (±2.1 percent) above the 2020 figure of $628.9 billion and nonresidential construction was $467.9 billion, 2.3 percent (±1.0 percent) below the $479.0 billion in 2020.
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