According to the U.S. Census Bureau of the Department of Commerce, total construction spending for December 2014 was estimated at a seasonally adjusted annual rate of $982.1 billion. This rate is up 0.4 percent from the revised November estimate of $978.6 billion. When compared to the previous year’s numbers, the December rate is up 2.2 percent from that of the December 2013 rate, which was estimated at $961.2 billion. Construction as a whole was valued at $961.4 billion in 2014, which is a 5.6 percent increase compared to the $910.8 billion spent in 2013.
Private construction spending was estimated at a seasonally adjusted annual rate of $698.6 billion, which is up 0.1 percent from November’s revised estimate of $698.2 billion. Residential construction spending for December was at a seasonally adjusted annual rate of $349.6 billion, up 0.3 percent from the previous month’s revised estimate of $348.4 billion. Nonresidential construction spending for December was estimated at $349.0 billion, down 0.2 percent from November’s revised estimate of $349.8 billion. Private construction was valued at a total of $687.0 billion in 2014, which is 7.2 percent above the 2013 total value of $641.1 billion.
Public construction spending was estimated at a seasonally adjusted annual rate of $283.5 billion, up 1.1 percent from November’s revised estimate of $280.4 billion. Educational construction spending for December was at an adjusted rate of $61.5 billion, down 0.6 percent from the revised November estimate of $61.8 billion. Highway construction spending was estimated at an adjusted rate of $90.3 billion for December, increasing by 2.1 percent over November’s revised estimate of $88.4 billion. Public construction was valued at a total of $274.4 billion in 2014, which is a 1.8 percent increase from the 2013 total value of $269.6 billion.
For more information, read the complete U.S. Census Bureau of the Department of Commerce Press Release by clicking here.
