The US Census Bureau announced that construction spending during December 2023 was estimated at a seasonally adjusted annual rate of $2,096.0 billion, 0.9 percent (± 0.8 percent) above the revised November estimate of $2,078.3 billion. The December figure is 13.9 percent (±1.5 percent) above the December 2022 estimate of $1,840.9 billion.
The value of construction in 2023 was $1,978.7 billion, 7.0 percent (±1.0 percent) above the $1,848.7 billion spent in 2022.
Spending on private construction was at a seasonally adjusted annual rate of $1,619.7 billion, 0.7 percent (±0.7 percent) above the revised November estimate of $1,608.0 billion. Residential construction was at a seasonally adjusted annual rate of $911.7 billion in December, 1.4 percent (±1.3 percent) above the revised November estimate of $898.8 billion. Nonresidential construction was at a seasonally adjusted annual rate of $708.0 billion in December, 0.2 percent (±0.7 percent) below the revised November estimate of $709.2 billion.
The value of private construction in 2023 was $1,541.0 billion, 4.7 percent (±1.2 percent) above the $1,472.4 billion spent in 2022. Residential construction in 2023 was $864.9 billion, 5.8 percent (±2.1 percent) below the 2022 figure of $917.9 billion and nonresidential construction was $676.0 billion, 21.9 percent (±1.2 percent) above the $554.5 billion in 2022.
In December, the estimated seasonally adjusted annual rate of public construction spending was $476.3 billion, 1.3 percent (±1.5 percent) above the revised November estimate of $470.3 billion. Educational construction was at a seasonally adjusted annual rate of $100.3 billion, 0.1 percent (±2.1 percent) below the revised November estimate of $100.4 billion. Highway construction was at a seasonally adjusted annual rate of $151.2 billion, 4.1 percent (±3.6 percent) above the revised November estimate of $145.2 billion.
The value of public construction in 2023 was $437.7 billion, 16.3 percent (±1.6 percent) above the $376.3 billion spent in 2022. Educational construction in 2023 was $93.0 billion, 11.9 percent (±3.6 percent) above the 2022 figure of $83.1 billion and highway construction was $133.6 billion, 18.0 percent (±3.9 percent) above the $113.3 billion in 2022.