The US Census Bureau announced today that construction spending during December 2017 was estimated at a seasonally adjusted annual rate of $1,253.3 billion, 0.7 percent (±1.0 percent) above the revised November estimate of $1,245.1 billion. The December figure is 2.6 percent (±1.3 percent) above the December 2016 estimate of $1,221.6 billion.
The value of construction in 2017 was $1,230.6 billion, 3.8 percent (±1.0 percent) above the $1,185.7 billion spent in 2016.
Spending on private construction was at a seasonally adjusted annual rate of $963.2 billion, 0.8 percent (±1.2 percent) above the revised November estimate of $955.9 billion. Residential construction was at a seasonally adjusted annual rate of $526.1 billion in December, 0.5 percent (±1.3 percent) above the revised November estimate of $523.8 billion. Nonresidential construction was at a seasonally adjusted annual rate of $437.1 billion in December, 1.1 percent (±1.2 percent) above the revised November estimate of $432.1 billion.
The value of private construction in 2017 was $950.7 billion, 5.8 percent (±1.0 percent) above the $898.7 billion spent in 2016. Residential construction in 2017 was $515.9 billion, 10.6 percent (±2.1 percent) above the 2016 figure of $466.6 billion and nonresidential construction was $434.8 billion, 0.6 percent (±1.0 percent) above the $432.1 billion in 2016.
In December, the estimated seasonally adjusted annual rate of public construction spending was $290.0 billion, 0.3 percent (±1.5 percent) above the revised November estimate of $289.1 billion. Educational construction was at a seasonally adjusted annual rate of $75.5 billion, 1.6 percent (±2.1 percent) above the revised November estimate of $74.4 billion. Highway construction was at a seasonally adjusted annual rate of $88.3 billion, 0.3 percent (±3.5 percent) above the revised November estimate of $88.0 billion.
The value of public construction in 2017 was $279.8 billion, 2.5 percent (±1.8 percent) below the $287.0 billion spent in 2016. Educational construction in 2017 was $71.2 billion, 2.5 percent (±3.5 percent) above the 2016 figure of $69.5 billion and highway construction was $87.7 billion, 3.7 percent (±4.1 percent) below the $91.1 billion in 2016.