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HomeNewsEconomyConstruction Spending Posts Strong Gains in December, Beats Forecast

Construction Spending Posts Strong Gains in December, Beats Forecast

New residential homes are shown under construction in Carlsbad, California September 19, 2011. (Photo: Reuters)
New residential homes are shown under construction in Carlsbad, California September 19, 2011. (Photo: Reuters)

New residential homes are shown under construction in Carlsbad, California September 19, 2011. (Photo: Reuters)

The U.S. Census Bureau said construction spending was estimated at a seasonally adjusted annual rate of $1,253.3 billion, up 0.7% (±1.0%) from the revised November estimate of $1,245.1 billion. The gain is 2.6% (±1.3%) higher than the December 2016 estimate of $1,221.6 billion, and follows another solid 0.8% gain in November.

The value of construction in 2017 was $1,230.6 billion, up 3.8% (±1.0%) from the $1,185.7 billion spent in 2016.

Private Construction Spending

Spending on private construction was at a seasonally adjusted annual rate of $963.2 billion, 0.8% (±1.2%)* higher than the revised November estimate of $955.9 billion. Residential construction was at a seasonally adjusted annual rate of $526.1 billion in December, up 0.5% (±1.3%)* from the revised November estimate of $523.8 billion.

Nonresidential construction was at a seasonally adjusted annual rate of $437.1 billion in December, or 1.1% (±1.2%)* higher than the revised November estimate of $432.1 billion. The value of private construction in 2017 was $950.7 billion, 5.8% ( ±1.0%) above the $898.7 billion spent in 2016.

Residential construction in 2017 was $515.9 billion, 10.6% (±2.1%) above the 2016 figure of $466.6 billion and nonresidential construction was $434.8 billion, 0.6% (±1.0%)* above the $432.1 billion in 2016.

Public Construction Spending

In December, the estimated seasonally adjusted annual rate of public construction spending was $290.0 billion, 0.3% (±1.5%)* higher than the revised November estimate of $289.1 billion. Educational construction was at a seasonally adjusted annual rate of $75.5 billion, 1.6% (±2.1%)* above the revised November estimate of $74.4 billion.

Highway construction was at a seasonally adjusted annual rate of $88.3 billion, 0.3% (±3.5%)* higher than the revised November estimate of $88.0 billion.The value of public construction in 2017 was $279.8 billion, 2.5% (±1.8%) below the $287.0 billion spent in 2016.

Educational construction in 2017 was $71.2 billion, 2.5% (±3.5%)* above the 2016 figure of $69.5 billion and highway construction was $87.7 billion, 3.7% (±4.1%)* below the $91.1 billion in 2016.

Written by
Staff Writing Group

PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

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