Construction Spending Rose 0.9% in December 2023

Washington, DC, February 1, 2024-Construction spending during December 2023 was estimated at a seasonally adjusted annual rate of $2,096.0 billion, 0.9% above the revised November estimate of $2,078.3 billion, according to the U.S. Census Bureau.

The December figure is 13.9% above the December 2022 estimate of $1,840.9 billion.

The value of construction in 2023 was $1,978.7 billion, 7.0% above the $1,848.7 billion spent in 2022.

Spending on private construction was at a seasonally adjusted annual rate of $1,619.7 billion, 0.7% 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% 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% below the revised November estimate of $709.2 billion.

The value of private construction in 2023 was $1,541.0 billion, 4.7% above the $1,472.4 billion spent in 2022. Residential construction in 2023 was $864.9 billion, 5.8% below the 2022 figure of $917.9 billion and nonresidential construction was $676.0 billion, 21.9% above the $554.5 billion in 2022.

In December, the estimated seasonally adjusted annual rate of public construction spending was $476.3 billion, 1.3% above the revised November estimate of $470.3 billion. Educational construction was at a seasonally adjusted annual rate of $100.3 billion, 0.1% below the revised November estimate of $100.4 billion. Highway construction was at a seasonally adjusted annual rate of $151.2 billion, 4.1% above the revised November estimate of $145.2 billion.

The value of public construction in 2023 was $437.7 billion, 16.3% above the $376.3 billion spent in 2022. Educational construction in 2023 was $93.0 billion, 11.9% above the 2022 figure of $83.1 billion and highway construction was $133.6 billion, 18.0% above the $113.3 billion in 2022.