The US Census Bureau announced construction spending during December 2019 was estimated at a seasonally adjusted annual rate of $1,327.7 billion, 0.2 percent (± 0.8 percent) below the revised November estimate of $1,329.9 billion. The December figure is 5.0 percent (±1.3 percent) above the December 2018 estimate of $1,264.8 billion. The value of construction in 2019 was $1,303.5 billion, 0.3 percent (±1.0 percent) below the $1,307.2 billion spent in 2018.
Spending on private construction was at a seasonally adjusted annual rate of $991.2 billion, 0.1 percent (±0.5 percent) below the revised November estimate of $992.2 billion. Residential construction was at a seasonally adjusted annual rate of $540.7 billion in December, 1.4 percent (±1.3 percent) above the revised November estimate of $533.3 billion.
Nonresidential construction was at a seasonally adjusted annual rate of $450.5 billion in December, 1.8 percent (±0.5 percent) below the revised November estimate of $458.9 billion. The value of private construction in 2019 was $974.7 billion, 2.5 percent (±1.0 percent) below the $1,000.2 billion spent in 2018.
Residential construction in 2019 was $514.3 billion, 4.7 percent (±2.1 percent) below the 2018 figure of $539.6 billion and nonresidential construction was $460.4 billion, virtually unchanged from (±1.0 percent) the $460.5 billion in 2018.
In December, the estimated seasonally adjusted annual rate of public construction spending was $336.4 billion, 0.4 percent (±1.3 percent) below the revised November estimate of $337.7 billion. Educational construction was at a seasonally adjusted annual rate of $80.4 billion, 2.1 percent (±2.1 percent) below the revised November estimate of $82.1 billion. Highway construction was at a seasonally adjusted annual rate of $99.9 billion, 3.1 percent (±3.1 percent) above the revised November estimate of $96.9 billion. The value of public construction in 2019 was $328.8 billion, 7.1 percent (±1.8 percent) above the $307.1 billion spent in 2018. Educational construction in 2019 was $79.0 billion, 3.4 percent (±3.6 percent) above the 2018 figure of $76.4 billion and highway construction was $98.8 billion, 8.8 percent (±4.6 percent) above the $90.8 billion in 2018.