Construction Spending Up Month-Over-Month and Year-Over-Year in December 2021

On Tuesday (2-1-22), the U.S. Census Bureau reported that total construction spending during December 2021 was estimated at a seasonally adjusted annual rate (SAAR) of $1,639.9 billion, 0.2% above the revised November estimate of $1,636.58 billion. The December figure is 9.0% above the December 2020 estimate of $1,504.2 billion.

The value of construction spending in all of 2021 was $1,589.0 billion, 8.2% above the $1,469.2 billion spent in 2020.

Private construction spending was at a SAAR of $1,292.6 billion, 0.7% above the revised November estimate of $1,283.8 billion. Residential construction was at a SAAR of $801.1 billion in December, 1.1% above the revised November estimate of $801.1 billion. Nonresidential construction was at a SAAR of $482.6 billion in December, virtually unchanged from the November revised estimate of $482.7 billion.

The value of private construction in all of 2021 was $1,242.8 billion, 12.2% above the $1,107.9 billion spent in 2020. Residential construction in 2021 was $774.9 billion, 23.2% above the 2020 figure of $628.9 billion and nonresidential construction was $467.9 billion, -2.3% below the $479.0 billion in 2020.

In December, the estimated SAAR of public construction spending was $347.0 billion, which is -1.6% below the revised November estimate of $352.7 billion. Educational construction was at SAAR of $81.0 billion in December, -1.4% below the revised November estimate of $82.2 billion. Highway construction was at a SAAR of $103.5 billion in December, 0.1% above the November estimate of $103.4 billion.

The value of public construction in all of 2021 was $346.2 billion, -4.2% below the $361.2 billion spent in 2020. Educational construction in 2021 was $82.4 billion, -7.6% below the 2020 figure of $89.1 billion. Highway construction was $99.7 billion, 0.2% above the $99.5 billion in 2020.