US Construction Spending Rises 0.5% in December

On Monday, the US Census Bureau reported that total construction spending in December was estimated at a seasonally adjusted annual rate (SAAR) of $2,192.2 billion, 0.5% above the revised November estimate of $2,180.3 billion. The December figure is 4.3% above the December 2023 estimate of $2,101.3 billion.

The total value of construction in all of 2024 amounted to $2,154.4 billion, 6.5% above the $2,023.7 billion spent in 2023.

Private Construction

Spending on private construction reached a seasonally adjusted annual rate of $1,688.5 billion in December, up 0.9% from the revised November estimate of $1,674.1 billion. Residential construction rose 1.5% to a rate of $939.5 billion, compared to the revised November estimate of $925.5 billion. Nonresidential construction edged up 0.1% to $749.0 billion from the revised November estimate of $748.6 billion.

For 2024, total private construction spending reached $1,661.7 billion, a 5.6% increase over the $1,573.0 billion spent in 2023. Residential construction totaled $917.9 billion, up 5.9% from $866.9 billion in 2023, while nonresidential construction rose 5.3% to $743.8 billion, up from $706.1 billion.

Public Construction

In December, public construction spending was at a seasonally adjusted annual rate of $503.6 billion, down 0.5% from the revised November estimate of $506.2 billion. Educational construction declined 0.6% to $109.5 billion, while highway construction rose 0.7% to $143.3 billion.

For 2024, total public construction spending reached $492.7 billion, a 9.3% increase from $450.7 billion in 2023. Educational construction rose 8.5% to $105.2 billion, while highway construction increased 4.1% to $142.7 billion.