Construction Spending Ticks Up in December
Residential building climbs 2.6 percent for month; commercial dips 0.7; highways advance 1.8.
The U.S. Census Bureau of the Department of Commerce announced today that construction spending during December 2013 was estimated at a seasonally adjusted annual rate of $930.5 billion, 0.1 percent (±1.2%)* above the revised November estimate of $929.9 billion. The December figure is 5.3 percent (±1.5%) above the December 2012 estimate of $883.6 billion.
The value of construction in 2013 was $898.4 billion, 4.8 percent (±1.3%) above the $857.0 billion spent in 2012.
PRIVATE CONSTRUCTION
Spending on private construction was at a seasonally adjusted annual rate of $663.9 billion, 1.0 percent (±1.0%)* above the revised November estimate of $657.1 billion.
Residential construction was at a seasonally adjusted annual rate of $352.6 billion in December, 2.6 percent (±1.3%) above the revised November estimate of $343.8 billion.
Nonresidential construction was at a seasonally adjusted annual rate of $311.3 billion in December, 0.7 percent (±1.0%)* below the revised November estimate of $313.4 billion.
The value of private construction in 2013 was $627.2 billion, 8.5 percent (±1.5%) above the $577.9 billion spent in 2012. Residential construction in 2013 was $330.7 billion, 18.0 percent (±2.1%) above the 2012 figure of $280.3 billion and nonresidential construction was $296.5 billion, 0.4 percent (±1.5%)* below the $297.7 billion in 2012.
PUBLIC CONSTRUCTION
In December, the estimated seasonally adjusted annual rate of public construction spending was $266.6 billion, 2.3 percent (±1.8%) below the revised November estimate of $272.8 billion.
Educational construction was at a seasonally adjusted annual rate of $58.2 billion, 7.2 percent (±3.1%) below the revised November estimate of $62.7 billion.
Highway construction was at a seasonally adjusted annual rate of $84.0 billion, 1.8 percent (±3.9%)* above the revised November estimate of $82.5 billion.
The value of public construction in 2013 was $271.2 billion, 2.8 percent (±1.8%) below the $279.0 billion spent in 2012. Educational construction in 2013 was $62.4 billion, 8.4 percent (±3.1%) below the 2012 figure of $68.2 billion and highway construction was $81.1 billion, 1.0 percent (±4.9%)* above the $80.4 billion in 2012.
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