According to the U.S. Census Bureau of the Department of Commerce, total construction spending for December 2015 was estimated at a seasonally adjusted annual rate of $1,116.6 billion. This rate is up 0.1 percent from the revised November estimate of $1,116.0 billion. When compared to the previous year’s numbers, the December rate is up 8.2 percent from that of the December 2014 rate, which was estimated at $1,031.6 billion. Construction as a whole was valued at $1,097.3 billion in 2015, which is a 10.5 percent increase compared to the $993.4 billion spent in 2014.
Private construction spending was estimated at a seasonally adjusted annual rate of $824.0 billion, which is down 0.6 percent from November’s revised estimate of $828.8 billion. Residential construction spending for December was at a seasonally adjusted annual rate of $429.6 billion, up 0.9 percent from the previous month’s revised estimate of $425.8 billion. Nonresidential construction spending for December was estimated at $394.4 billion, down 2.1 percent from November’s revised estimate of $403.0 billion. Private construction was valued at a total of $806.1 billion in 2015, which is 12.3 percent above the 2014 total value of $717.7 billion. In 2015, residential construction and nonresidential construction were valued at $416.8 billion and $389.3 billion, respectively. This puts residential construction 12.6 percent above the 2014 total value of $370.0 billion, and nonresidential construction 12.0 percent above the 2014 total value of $347.7 billion.
Public construction spending was estimated at a seasonally adjusted annual rate of $292.5 billion, up 1.9 percent from November’s revised estimate of $287.1 billion. Educational construction spending for December was at an adjusted rate of $69.4 billion, down 0.5 percent from the revised November estimate of $69.8 billion. Highway construction spending was estimated at an adjusted rate of $95.4 billion for December, increasing by 9.4 percent over November’s revised estimate of $87.2 billion. Public construction was valued at a total of $291.2 billion in 2015, which is a 5.6 percent increase from the 2014 total value of $275.7 billion. Educational construction and highway construction were valued at $67.3 billion and $89.6 billion, respectively, in 2015. This puts educational construction at a 6.8 percent increase from the 2014 total value of $63.0 billion and highway construction at a 6.7 percent increase from the 2014 total value of $84.0 billion.
For more information, read the complete U.S. Census Bureau of the Department of Commerce Press Release by clicking here.
