U.S. Construction Annual Spend Rate Upticks to $816 Billion in December

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Today the U.S. Census Bureau of the Department of Commerce announced that the U.S. construction spending during December 2011 was estimated at a seasonally adjusted annual rate of $816.4 billion, 1.5 percent (±1.4%) above the revised November estimate of $804.0 billion. The December figure is 4.3 percent (±1.9%) above the December 2010 estimate of $782.9 billion.

The value of construction in 2011 was $787.4 billion, 2.0 percent (±1.1%) below the $803.6 billion spent in 2010.

Private Construction

Spending on private construction was at a seasonally adjusted annual rate of $529.7 billion, 2.1 percent (±1.1%) above the revised November estimate of $518.8 billion. Residential construction was at a seasonally adjusted annual rate of $241.2 billion in December, 0.8 percent (±1.3%) above the revised November estimate of $239.4 billion. Nonresidential construction was at a seasonally adjusted annual rate of $288.5 billion in December, 3.3 percent (±1.1%) above the revised November estimate of $279.4 billion.

The value of private construction in 2011 was $504.1 billion, 0.7 percent (±1.4%) above the $500.6 billion spent in 2010. Residential construction in 2011 was $236.2 billion, 1.1 percent (±2.1%) below the 2010 figure of $238.8 billion and nonresidential construction was $268.0 billion, 2.4 percent (±1.4%) above the $261.8 billion in 2010.

Public Construction

In December, the estimated seasonally adjusted annual rate of public construction spending was $286.6 billion, 0.5 percent (±2.1%) above the revised November estimate of $285.3 billion. Educational construction was at a seasonally adjusted annual rate of $70.6 billion, 0.6 percent (±3.4%) below the revised November estimate of $71.1 billion. Highway construction was at a seasonally adjusted annual rate of $84.5 billion, 1.8 percent (±5.0%) above the revised November estimate of $82.9 billion.

The value of public construction in 2011 was $283.3 billion, 6.5 percent (±1.4%) below the $303.0 billion spent in 2010. Educational construction in 2011 was $70.9 billion, 5.3 percent (±3.2%) below the 2010 figure of $74.9 billion and highway construction was $78.9 billion, 4.5 percent (±3.2%) below the $82.5 billion in 2010.