The US Census Bureau of the Department of Commerce announced today that construction spending during December 2016 was estimated at a seasonally adjusted annual rate of $1,181.5 billion, 0.2 percent (±1.0 percent) below the revised November estimate of $1,184.4 billion. The December figure is 4.2 percent (±1.3 percent) above the December 2015 estimate of $1,133.7 billion.
The value of construction in 2016 was $1,162.4 billion, 4.5 percent (±1.0 percent) above the $1,112.4 billion spent in 2015.
Spending on private construction was at a seasonally adjusted annual rate of $897.0 billion, 0.2 percent (±0.8 percent) above the revised November estimate of $894.8 billion. Residential construction was at a seasonally adjusted annual rate of $466.9 billion in December, 0.5 percent (±1.3 percent) above the revised November estimate of $464.8 billion. Nonresidential construction was at a seasonally adjusted annual rate of $430.1 billion in December, nearly the same as (±0.8 percent) the revised November estimate of $430.1 billion.
The value of private construction in 2016 was $876.3 billion, 6.4 percent (±1.2 percent) above the $823.5 billion spent in 2015. Residential construction in 2016 was $456.2 billion, 5.2 percent (±2.1 percent) above the 2015 figure of $433.7 billion and nonresidential construction was $420.1 billion, 7.8 percent (±1.2 percent) above the $389.9 billion in 2015.
In December, the estimated seasonally adjusted annual rate of public construction spending was $284.5 billion, 1.7 percent (±1.8 percent) below the revised November estimate of $289.6 billion. Educational construction was at a seasonally adjusted annual rate of $70.1 billion, 2.2 percent (±2.3 percent) below the revised November estimate of $71.6 billion. Highway construction was at a seasonally adjusted annual rate of $94.3 billion, 0.6 percent (±4.1 percent) below the revised November estimate of $94.9 billion.
The value of public construction in 2016 was $286.0 billion, 1.0 percent (±1.5 percent) below the $288.9 billion spent in 2015. Educational construction in 2016 was $69.7 billion, 4.7 percent (±3.5 percent) above the 2015 figure of $66.6 billion and highway construction was $91.2 billion, 2.0 percent (±3.5 percent) above the $89.4 billion in 2015.