Year-Over-Year Total Construction Spending Increased 5.7%

The U.S. Census Bureau is reporting that total 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. The December figure is 5.7% above the December 2019 estimate. The value of construction in 2020 was $1,429.7 billion, 4.7% above the $1,365.1 billion spent in 2019. Residential construction was at a seasonally adjusted annual rate of $691.0 billion in December, 3.1% above the revised November estimate. Nonresidential construction was at a seasonally adjusted annual rate of $446.6 billion in December, -1.7% below the revised November estimate. 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. In December, the estimated seasonally adjusted annual rate of public construction spending was $352.8 billion, 0.5% above the revised November estimate of $351.1 billion. Educational construction was at a seasonally adjusted annual rate of $90.2 billion, 0.6% above the revised November estimate of $89.7 billion. Highway construction was at a seasonally adjusted annual rate of $98.4 billion, 0.9% above the revised November estimate of $97.5 billion. The value of public construction in 2020 was $350.5 billion, 4.8 % above the $334.4 billion spent in 2019. Educational construction in 2020 was $87.3 billion, 3.6% above the 2019 figure of $84.3 billion and highway construction was $98.8 billion, 1.8% above the $97.1 billion in 2019.