Total Construction Spending Gains 5.0% Year-Over-Year
Total construction spending for December came in at a seasonally adjusted annual rate of $1,327.7 billion, down 0.2% (± 0.8%) from the upwardly revised rate for November. The prior month was revised higher from an estimate of 1,324.1 billion to $1,329.9 billion.
Construction spending in December was still 5.0% (±1.3%) higher than it was in December 2018, when it was $1,264.8 billion. The prior year-over-year gain was 4.1% in November.
However, the value of construction in 2019 was $1,303.5 billion, or 0.3% (±1.0%) below the $1,307.2 billion spent in 2018.
Forecasts ranged from a low of 0.2% to a high of 1.3%. The consensus forecast was 0.5%.
Private Construction Spending
Spending on private construction came in at a seasonally adjusted annual rate of $991.2 billion, down 0.1% (±0.5%) from the revised November estimate of $992.2 billion. Residential construction was$540.7 billion in December, or 1.4% (±1.3%) higher than the revised November estimate of $533.3 billion.
Nonresidential construction came in at a seasonally adjusted annual rate of $450.5 billion in December, 1.8% (±0.5%) below the revised November estimate of $458.9 billion.
The value of private construction in 2019 was $974.7 billion, down 2.5% (±1.0%) from the $1,000.2 billion spent in 2018. Residential construction in 2019 was $514.3 billion, down 4.7% (±2.1%) from $539.6 billion in 2018. Nonresidential construction was virtually unchanged (±1.0%) at $460.4 billion from the $460.5 billion in 2018.
Public Construction Spending
The estimated seasonally adjusted annual rate of total public construction spending was $336.4 billion for December, down 0.4% (±1.3%) from the revised November estimate of $337.7 billion.
Educational construction was at a seasonally adjusted annual rate of $80.4 billion, a decrease of 2.1% (±2.1%) from the revised November estimate of $82.1 billion.
Highway construction came in at a seasonally adjusted annual rate of $99.9 billion, or 3.1% (±3.1%) higher than the revised November estimate of $96.9 billion.
The value of public construction in 2019 was $328.8 billion, which is 7.1% (±1.8%) higher than the $307.1 billion spent in 2018. Educational construction in 2019 was $79.0 billion, an increase of 3.4% (±3.6%) from the $76.4 billion in 2018. Highway construction was $98.8 billion, or 8.8% (±4.6%) higher than the $90.8 billion in 2018.
