U.S. Construction Spending Inches Up Nearly 1% in December
Residential construction climbs 1.4% for month.
The U.S. Census Bureau announced the following value put in place construction statistics for December 2023:
Total Construction
Construction spending during December 2023 was estimated at a seasonally adjusted annual rate of $2,096.0 billion, 0.9 percent (± 0.8 percent) above the revised November estimate of $2,078.3 billion. The December figure is 13.9 percent (±1.5 percent) above the December 2022 estimate of $1,840.9 billion.
The value of construction in 2023 was $1,978.7 billion, 7.0 percent (±1.0 percent) above the $1,848.7 billion spent in 2022.
Private Construction
Spending on private construction was at a seasonally adjusted annual rate of $1,619.7 billion, 0.7 percent (±0.7 percent)* above the revised November estimate of $1,608.0 billion.
Residential construction was at a seasonally adjusted annual rate of $911.7 billion in December, 1.4 percent (±1.3 percent) above the revised November estimate of $898.8 billion.
Nonresidential construction was at a seasonally adjusted annual rate of $708.0 billion in December, 0.2 percent (±0.7 percent)* below the revised November estimate of $709.2 billion.
The value of private construction in 2023 was $1,541.0 billion, 4.7 percent (±1.2 percent) above the $1,472.4 billion spent in 2022.
Residential construction in 2023 was $864.9 billion, 5.8 percent (±2.1 percent) below the 2022 figure of $917.9 billion and nonresidential construction was $676.0 billion, 21.9 percent (±1.2 percent) above the $554.5 billion in 2022.
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