Construction spending during December 2022 was estimated at a seasonally adjusted annual rate of $1,809.8 billion, down 0.4% from November, according to the U.S. Census Bureau. Spending in December 2022 was up 7.7% from the prior–year period.
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The total value of construction in 2022 was $1,792.9 billion, up 10.2% from the prior–year period.
Private construction spending was down 0.4% from the revised November estimate. Residential construction was down 0.3% from November. Nonresidential construction was 0.5% below November’s estimate.
The total value of private construction in 2022 was $1,429.2 billion, up 11.7% from the prior-year period. Residential construction in 2022 was $899.1 billion, up 13.3% from the prior-year period. Nonresidential construction in 2022 was $530.1 billion, up 9.1% from the prior-year period.
The estimated seasonally adjusted annual rate of public construction spending in November 2022 was 0.4% below November’s estimate. Educational construction was down 0.3% from November. Highway construction was up 1.1% from November.
