According to the U.S. Census Bureau of the Department of Commerce, total construction spending for December 2013 was estimated at a seasonally adjusted annual rate of $930.5 billion. This rate is up 0.1 percent from the revised November estimate of $929.9 billion. When compared to the previous year’s numbers, the December rate is up 5.3 percent from that of the December 2012 rate, which was estimated at $883.6 billion. Construction as a whole was valued at $898.4 billion in 2013, which is a 4.8 percent increase compared to the $857.0 billion spent in 2012.
Private construction spending was estimated at a seasonally adjusted annual rate of $663.9 billion, which is up 1.0 percent from November’s revised estimate of $657.1 billion. Residential construction spending for December was at a seasonally adjusted annual rate of $352.6 billion, up 2.6 percent from the previous month’s revised estimate of $343.8 billion. Nonresidential construction spending for December was estimated at $311.3 billion, down 0.7 percent from November’s revised estimate of $313.4 billion. Private construction was valued at a total of $627.2 billion in 2013, which is 8.5 percent above the 2012 total value of $577.9 billion.
Public construction spending was estimated at a seasonally adjusted annual rate of $266.6 billion, down 2.3 percent from November’s revised estimate of $272.8 billion. Educational construction spending for December was at an adjusted rate of $58.2 billion, down 7.2 percent from the revised November estimate of $62.7 billion. Highway construction spending was estimated at an adjusted rate of $84.0 billion for December, increasing by 1.8 percent over November’s revised estimate of $82.5 billion. Public construction was valued at a total of $271.2 billion in 2013, which is a 2.8 percent drop from the 2012 total value of $279.0 billion.
For more information, read the complete U.S. Census Bureau of the Department of Commerce Press Release by clicking here.
