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By: Kendall Jones on March 4th, 2019

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U.S. Construction Spending Increased 4.1% in 2018

Industry News | Blog Posts

Construction spending fell 0.6% in December 2018 to a seasonally adjusted annual rate of $1,297.7 billion, according to the latest report from the U.S. Census Bureau. November’s estimate was revised up from $1,299.9 billion to $1,300.6 billion. October’s estimate was revised back up from $1,289.7 billion to $1,290.6 billion.

The December estimate for total construction spending is 1.6% higher than a year ago when the December 2017 estimate was $1,272.6 billion. Total construction put in place (CPIP) for 2018 totaled $1,297.7 billion. This is a 4.1% increase over the $1,246.0 billion spent during 2017.

In December, total nonresidential construction spending remained unchanged at a seasonally adjusted annual rate of $750.5 billion. November's estimate was revised down from $751.5 billion to $750.5 billion. October’s estimate was revised down again from $759.3 billion to $758.3 billion. Total nonresidential construction is up 4.0% from a year ago.

Total residential construction was estimated at a seasonally adjusted annual rate of $542.2 billion in December. This is 1.4% below November’s estimate which was revised up from $548.4 billion to $550.0 billion. October’s estimate was revised back up from $530.3 billion to $532.2 billion. Total residential construction spending has decreased by 1.5% from a year ago.

Total private construction spending fell to a seasonally adjusted annual rate of $991.2 billion in December. This is 0.6% below November’s estimate which has been revised up from $993.4 billion to $997.1 billion. October’s estimate was revised back up from $980.4 billion to $984.1 billion. Total private construction spending is up 0.8% over the December 2017 estimate.

During December, private nonresidential construction was at a seasonally annual adjusted rate of $454.5 billion. This is a up 0.4% over November’s estimate which was revised up from $450.8 billion to $452.9 billion. October’s estimate was revised back up from $456.1 billion to $458.1 billion. Private nonresidential construction spending has increased 3.4% over the same period in 2017.

Private residential construction spending was at a seasonally adjusted annual rate of $536.7 billion in December. This is 1.4% below November’s estimate which was revised up from $542.5 billion to $544.2 billion. October’s estimate was revised back up from $524.2 billion to $526.1 billion. December’s annual rate for private residential construction is 1.3% lower than in December 2017.

The seasonally adjusted annual rate for public construction spending in December was estimated at $301.5 billion. This is 0.6% below November’s estimate which was revised down from $306.5 billion to $303.5 billion. October’s estimate has been revised down again from $309.3 billion to $306.4 billion. December’s seasonally adjusted annual rate for public construction spending was up 4.2% from a year ago when the December 2017 estimate was $282.6 billion.