Construction Spending Increases in December

Construction spending was at a seasonally adjusted annual rate of $1,639.9 billion in December, 0.2% above the revised November estimate of $1,636.5 billion. December’s figure is 9.0% above the December 2020 estimate of $1,504.2 billion.

Spending on private construction was at a seasonally adjusted annual rate of $1,292.9 billion, 0.7% above the revised November estimate of $1,283.8 billion. Private residential construction was at a seasonally adjusted annual rate of $810.3 billion in December, 1.1% above the revised November estimate of $801.1 billion. Private nonresidential construction was at a seasonally adjusted annual rate of $482.6 billion in December, virtually unchanged from the revised November estimate of $482.7 billion.

In December, the estimated seasonally adjusted annual rate of public construction spending was $347.0 billion, 1.6% below the revised November estimate of $352.7 billion.

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