Dec. Construction Spending Rose 1.0% from Nov., 4.7% YOY

Washington, DC, February 1, 2021-Construction spending during December 2020 was estimated at a seasonally adjusted annual rate of $1,490.4 billion, 1.0% above the revised November estimate of $1,475.6 billion, according to the U.S. Census Bureau. The December figure is 5.7% above the December 2019 estimate of $1,410.3 billion.

The value of construction in 2020 was $1,429.7 billion, 4.7% above the $1,365.1 billion spent in 2019.

Spending on private construction was at a seasonally adjusted annual rate of $1,137.6 billion, 1.2% above the revised November estimate of $1,124.4 billion. Residential construction was at a seasonally adjusted annual rate of $691.0 billion in December, 3.1% above the revised November estimate of $670.1 billion. Nonresidential construction was at a seasonally adjusted annual rate of $446.6 billion in December, 1.7% below the revised November estimate of $454.4 billion.

The value of private construction in 2020 was $1,079.3 billion, 4.7% above the $1,030.7 billion spent in 2019. Residential construction in 2020 was $607.6 billion, 11.6% above the 2019 figure of $544.4 billion and nonresidential construction was $471.7 billion, 3.0% below the $486.3 billion in 2019.