U.S. Construction Spending Dips 0.4% in December
Highway work is bright spot for month, rising 1.1% over November.
The U.S. Census Bureau announced the following value put in place construction statistics for December 2022:
Total Construction
Construction spending during December 2022 was estimated at a seasonally adjusted annual rate of $1,809.8 billion, 0.4 percent (± 0.8 percent)* below the revised November estimate of $1,817.3 billion. The December figure is 7.7 percent (±1.2 percent) above the December 2021 estimate of $1,681.0 billion. The value of construction in 2022 was $1,792.9 billion, 10.2 percent (±0.8 percent) above the $1,626.4 billion spent in 2021.
Private Construction
Spending on private construction was at a seasonally adjusted annual rate of $1,427.1 billion, 0.4 percent (±0.5 percent)* below the revised November estimate of $1,432.9 billion.
Residential construction was at a seasonally adjusted annual rate of $857.2 billion in December, 0.3 percent (±1.3 percent)* below the revised November estimate of $860.0 billion.
Nonresidential construction was at a seasonally adjusted annual rate of $570.0 billion in December, 0.5 percent (±0.5 percent)* below the revised November estimate of $572.9 billion.
The value of private construction in 2022 was $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021. Residential construction in 2022 was $899.1 billion, 13.3 percent (±2.1 percent) above the 2021 figure of $793.7 billion and nonresidential construction was $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.
Public Construction
In December, the estimated seasonally adjusted annual rate of public construction spending was $382.7 billion, 0.4 percent (±1.3 percent)* below the revised November estimate of $384.4 billion.
Educational construction was at a seasonally adjusted annual rate of $84.2 billion, 0.3 percent (±2.3 percent)* below the revised November estimate of $84.4 billion.
Highway construction was at a seasonally adjusted annual rate of $117.3 billion, 1.1 percent (±3.5 percent)* above the revised November estimate of $116.0 billion.
The value of public construction in 2022 was $363.6 billion, 4.8 percent (±1.3 percent) above the $347.0 billion spent in 2021. Educational construction in 2022 was $80.2 billion, 2.6 percent (±2.6 percent)* below the 2021 figure of $82.3 billion and highway construction was $108.9 billion, 8.6 percent (±3.5 percent) above the $100.2 billion in 2021.
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