The US Census Bureau announced Monday that construction spending during December 2018 was estimated at a seasonally adjusted annual rate of $1,292.7 billion, 0.6 percent (±1.0 percent) below the revised November estimate of $1,300.6 billion. The December figure is 1.6 percent (±1.2 percent) above the December 2017 estimate of $1,272.6 billion.
The value of construction in 2018 was $1,297.7 billion, 4.1 percent (±1.0 percent) above the $1,246.0 billion spent in 2017.
Spending on private construction was at a seasonally adjusted annual rate of $991.2 billion, 0.6 percent (±0.7 percent) below the revised November estimate of $997.1 billion. Residential construction was at a seasonally adjusted annual rate of $536.7 billion in December, 1.4 percent (±1.3 percent) below the revised November estimate of $544.2 billion. Nonresidential construction was at a seasonally adjusted annual rate of $454.5 billion in December, 0.4 percent (±0.7 percent) above the revised November estimate of $452.9 billion.
The value of private construction in 2018 was $995.6 billion, 3.4 percent (±1.2 percent) above the $962.8 billion spent in 2017. Residential construction in 2018 was $542.3 billion, 3.3 percent (±2.1 percent) above the 2017 figure of $524.9 billion and nonresidential construction was $453.4 billion, 3.5 percent (±1.2 percent) above the $437.8 billion in 2017.
In December, the estimated seasonally adjusted annual rate of public construction spending was $301.5 billion, 0.6 percent (±1.6 percent) below the revised November estimate of $303.5 billion. Educational construction was at a seasonally adjusted annual rate of $77.5 billion, nearly the same as (±1.5 percent) the revised November estimate of $77.5 billion. Highway construction was at a seasonally adjusted annual rate of $89.1 billion, 0.9 percent (±4.3 percent) below the revised November estimate of $89.9 billion.
The value of public construction in 2018 was $302.0 billion, 6.6 percent (±1.8 percent) above the $283.2 billion spent in 2017. Educational construction in 2018 was $73.6 billion, 3.8 percent (±3.5 percent) above the 2017 figure of $71.0 billion and highway construction was $92.6 billion, 4.2 percent (±3.9 percent) above the $88.9 billion in 2017.