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GDP by Industry Statistics: Real GDP Up 3.4% in Third Quarter

Construction Spending Down in December

U.S. construction spending during December 2018 was estimated at a seasonally adjusted annual rate of $1,292.7 billion, 0.6% below the revised November estimate of $1,300.6 billion, according to new data from the U.S. Census Bureau. 

The December figure is 1.6% above the December 2017 estimate of $1,272.6 billion. 

The value of construction in 2018 was $1,297.7 billion, 4.1% above the $1,246.0 billion spent in 2017. 

Spending on private construction was at a seasonally adjusted annual rate of $991.2 billion, 0.6% below the revised November estimate of $997.1 billion. Residential construction was at a seasonally adjusted annual rate of $536.7 billion in December, 1.4% below the revised November estimate of $544.2 billion. Nonresidential construction was at a seasonally adjusted annual rate of $454.5 billion in December, 0.4% above the revised November estimate of $452.9 billion. 

The value of private construction in 2018 was $995.6 billion, 3.4% above the $962.8 billion spent in 2017. Residential construction in 2018 was $542.3 billion, 3.3% above the 2017 figure of $524.9 billion and nonresidential construction was $453.4 billion, 3.5% above the $437.8 billion in 2017. 

In December, the estimated seasonally adjusted annual rate of public construction spending was $301.5 billion, 0.6% below the revised November estimate of $303.5 billion. Educational construction was at a seasonally adjusted annual rate of $77.5 billion, nearly the same as the revised November estimate of $77.5 billion. Highway construction was at a seasonally adjusted annual rate of $89.1 billion, 0.9% below the revised November estimate of $89.9 billion. 

The value of public construction in 2018 was $302 billion, 6.6% above the $283.2 billion spent in 2017. Educational construction in 2018 was $73.6 billion, 3.8% above the 2017 figure of $71 billion and highway construction was $92.6 billion, 4.2% above the $88.9 billion in 2017. 

 

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