Total U.S. construction spending in December was estimated at a seasonally adjusted annual rate of $2.096 trillion, up 0.9% from the revised November estimate, and up 13.9% year-over-year.

The value of construction in 2023 was $1.979 trillion, 7.0% above the $1.849 trillion spent in 2022.

Private Construction

Spending on private construction was at a seasonally adjusted annual rate of $1.62 trillion, 0.7% above the revised November estimate. Residential construction was at a seasonally adjusted annual rate of $911.7 billion in December, 1.4% above the revised November estimate. Nonresidential construction was at a seasonally adjusted annual rate of $708 billion in December, 0.2% below the revised November estimate.

The value of private construction in 2023 was $1.541 trillion, 4.7% above 2022’s level. Residential construction in 2023 was $864.9 billion, 5.8% below the 2022 figure and nonresidential construction was $676 billion, 21.9% above the $554.5 billion in 2022.

Public Construction

In December, the estimated seasonally adjusted annual rate of public construction spending was $476.3 billion, 1.3% above the revised November estimate of $470.3 billion. Educational construction was at a seasonally adjusted annual rate of $100.3 billion, 0.1% below the revised November estimate of $100.4 billion. Highway construction was at a seasonally adjusted annual rate of $151.2 billion, 4.1% above the revised November estimate of $145.2 billion.

The value of public construction in 2023 was $437.7 billion, 16.3% above the $376.3 billion spent in 2022. Educational construction in 2023 was $93.0 billion, 11.9% above the 2022 figure of $83.1 billion and highway construction was $133.6 billion, 18.0% above the $113.3 billion in 2022.