Construction Spending Inched Up in December

Washington, DC, February 1, 2016—Construction spending during December 2015 was estimated at $1,116.6 billion, 0.1% above the revised November estimate of $1,116.0 billion, according to the U.S. Census Bureau of the Department of Commerce.

The December figure is 8.2% above the December 2014 estimate of $1,031.6 billion.

The value of construction in 2015 was $1,097.3 billion, 10.5% above the $993.4 billion spent in 2014.

Spending on private construction was at a seasonally adjusted annual rate of $824.0 billion, 0.6% 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% 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% below the revised November estimate of $403.0 billion.

The value of private construction in 2015 was $806.1 billion, 12.3% above the $717.7 billion spent in 2014. Residential construction in 2015 was $416.8 billion, 12.6% above the 2014 figure of $370.0 billion and nonresidential construction was $389.3 billion, 12.0% above the $347.7 billion in 2014.

In December, the estimated seasonally adjusted annual rate of public construction spending was $292.5 billion, 1.9% above the revised November estimate of $287.1 billion. Educational construction was at a seasonally adjusted annual rate of $69.4 billion, 0.5% below the revised November estimate of $69.8 billion. Highway construction was at a seasonally adjusted annual rate of $95.4 billion, 9.4% above the revised November estimate of $87.2 billion.

The value of public construction in 2015 was $291.2 billion, 5.6% above the $275.7 billion spent in 2014. Educational construction in 2015 was $67.3 billion, 6.8% above the 2014 figure of $63.0 billion and highway construction was $89.6 billion, 6.7% above the $84.0 billion in 2014.