Construction Spending Rose 0.7% in December

Construction spending grew 0.7% to a seasonally adjusted annual level (SAAL) of $1,253.3 billion, in December, according to the Census Bureau. November’s spending estimate was downwardly revised to $1,245.1 billion. December’s figure is 2.6% greater than the December 2016 estimate of $1,221.6 billion.

Total private construction was $963.2 billion SAAL, a 0.8% increase from the revised November estimate of $955.9 billion. Total private construction is 2.1% higher than the December 2016 figure.

Private residential construction was $526.1 billion SAAL, 0.5% higher than November’s rate. December’s figure was 6.2% greater than its December 2016 estimate.

Private nonresidential construction was $437.1 billion, 1.1% above November’s estimate. December’s rate is 2.5% less than the December 2016 figure.

Public construction increased 0.3% to $290.0 billion SAAL. December’s figure is 4.4% above the December 2016 estimate.

Read the Census release.

About Stephen Newton

Stephen Newton is an economic research associate at ABA.
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