Construction spending was estimated at a seasonally adjusted annual rate of $1,292.7 billion, down 0.6% (±1.0%) from the revised November estimate of $1,300.6 billion. Still, this is 1.6% (±1.2%) higher year-over-year.
December 2017 was $1,272.6 billion.
The consensus forecast was looking for a gain of 0.3%, ranging from a low of -0.3% to a high of 0.8%. The gain in November was initially reported as at a solid gain fo 0.8%.
Still, the value of construction in 2018 was $1,297.7 billion, 4.1% (±1.0%) higher than the $1,246.0 spent in 2017.
Private Construction
Spending on private construction was estimated at a seasonally adjusted annual rate of $991.2 billion, 0.6% (±0.7%)* below the revised November estimate of $997.1 billion.
Residential construction was estimated at a seasonally adjusted annual rate of $536.7 billion in December, or 1.4% (±1.3%) below the revised November estimate of $544.2 billion.
Nonresidential construction was estimated at a seasonally adjusted annual rate of $454.5 billion in December, which is 0.4% (±0.7%)* higher than the revised November estimate of $452.9 billion.
The value of private construction in 2018 was $995.6 billion, 3.4% (±1.2%) higher than the $962.8 billion spent in 2017. Residential construction in 2018 was $542.3 billion, 3.3% (±2.1 percent) more than the 2017 figure of $524.9 billion. Nonresidential construction was $453.4 billion, 3.5% (±1.2%) above the $437.8 billion in 2017.
Public Construction
The estimated seasonally adjusted annual rate of public construction spending was $301.5 billion in December, 0.6% (±1.6%) less than the revised November estimate of $303.5 billion.
Educational construction was at a seasonally adjusted annual rate of $77.5 billion, unchanged (±1.5 percent) from the revised November estimate of $77.5 billion.
Highway construction was estimated at a seasonally adjusted annual rate of $89.1 billion, 0.9% (±4.3%) less than the revised November estimate of $89.9 billion.
The value of public construction in 2018 was $302.0 billion, 6.6% (±1.8%) above the $283.2 billion spent in 2017.
Educational construction in 2018 was $73.6 billion, 3.8% (±3.5%) above the 2017 figure of $71.0 billion and highway construction was $92.6 billion, 4.2% (±3.9%) above the $88.9 billion in 2017.
