The US Census Bureau announced that construction spending during December 2020 was estimated at a seasonally adjusted annual rate of $1,490.4 billion, 1.0 percent (± 0.8 percent) above the revised November estimate of $1,475.6 billion. The December figure is 5.7 percent (±1.0 percent) above the December 2019 estimate of $1,410.3 billion.
The value of construction in 2020 was $1,429.7 billion, 4.7 percent (±1.0 percent) above the $1,365.1 billion spent in 2019.
Spending on private construction was at a seasonally adjusted annual rate of $1,137.6 billion, 1.2 percent (±0.7 percent) above the revised November estimate of $1,124.4 billion. Residential construction was at a seasonally adjusted annual rate of $691.0 billion in December, 3.1 percent (±1.3 percent) above the revised November estimate of $670.1 billion. Nonresidential construction was at a seasonally adjusted annual rate of $446.6 billion in December, 1.7 percent (±0.7 percent) below the revised November estimate of $454.4 billion.
The value of private construction in 2020 was $1,079.3 billion, 4.7 percent (±0.8 percent) above the $1,030.7 billion spent in 2019. Residential construction in 2020 was $607.6 billion, 11.6 percent (±2.1 percent) above the 2019 figure of $544.4 billion and nonresidential construction was $471.7 billion, 3.0 percent (±0.8 percent) below the $486.3 billion in 2019.
In December, the estimated seasonally adjusted annual rate of public construction spending was $352.8 billion, 0.5 percent (±1.3 percent) above the revised November estimate of $351.1 billion. Educational construction was at a seasonally adjusted annual rate of $90.2 billion, 0.6 percent (±1.5 percent) above the revised November estimate of $89.7 billion. Highway construction was at a seasonally adjusted annual rate of $98.4 billion, 0.9 percent (±3.5 percent) above the revised November estimate of $97.5 billion.
The value of public construction in 2020 was $350.5 billion, 4.8 percent (±1.6 percent) above the $334.4 billion spent in 2019. Educational construction in 2020 was $87.3 billion, 3.6 percent (±3.3 percent) above the 2019 figure of $84.3 billion and highway construction was $98.8 billion, 1.8 percent (±4.1 percent) above the $97.1 billion in 2019.