Construction spending during December 2023 was estimated at a seasonally adjusted annual rate of $2,096.0 billion, 0.9% above November. The December figure is 13.9% above December 2022.
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The value of construction in 2023 was $1,978.7 billion, 7% above 2022.
Spending on private construction was at a seasonally adjusted annual rate of $1,619.7 billion, 0.7% above November. Residential construction was at a seasonally adjusted annual rate of $911.7 billion in December, 1.4% above November. Nonresidential construction was at a seasonally adjusted annual rate of $708 billion in December, 0.2% below November.
The value of private construction in 2023 was $1,541.0 billion, 4.7% above 2022. Residential construction in 2023 was 5.8% below the 2022 figure and nonresidential construction was 21.9% above 2022.
In December, the estimated seasonally adjusted annual rate of public construction spending was $476.3 billion, 1.3% above November. Educational construction was at a seasonally adjusted annual rate of $100.3 billion, 0.1% below November. Highway construction was at a seasonally adjusted annual rate of $151.2 billion, 4.1% above November.
The value of public construction in 2023 was $437.7 billion, 16.3% above 2022. Educational construction in 2023 was 11.9% above 2022, and highway construction was 18% above 2022.
