Construction Spending up Slightly in December

Construction spending rose 0.1 percent in December to $1,116.6 billion (SAAR). November’s spending estimate was revised down to $1,116.0 billion. Construction spending during 2015 amounted to $1,097.3 billion, 10.5 percent above construction spending in 2014.

Total private construction fell to a seasonally adjusted annual rate of $824.0 billion, 0.6 percent below November’s estimate of 828.8 billion.

Private residential construction rose to $429.6 billion (SAAR), a 0.9 percent increase from November’s estimate, as construction of single and multi-family housing posted gains.

Private nonresidential construction fell 2.1 percent to a rate of $394.4 billion, as construction fell broadly across most nonresidential categories.

Public construction grew 1.9 percent to $292.5 billion (SAAR), due largely to highway and street construction. Public construction spending in 2015 totaled $291.2 billion, 5.6 percent above spending in 2014.

Read the Census release.