December Construction Spending Up 5.7% Year-Over-Year

Despite the pandemic, construction spending for 2020 wound up at $1,429.7 billion, up 4.7% from 2019.
construction spending December 2020

Construction spending during December 2020 was estimated at a seasonally adjusted annual rate of $1,490.4 billion, 5.7% above the December 2019 estimate of $1,410.3 billion and 1% above the revised November estimate of $1,475.6 billion, according to the U.S. Census Bureau.

For 2020, construction spending amounted to $1,429,7 billion, 4.7% above the $1,365.1 billion for the same period in 2019.

Spending on private construction was at a seasonally adjusted annual rate of $1,137.6 billion, 1.2% above the revised November estimate of $1,124.4 billion. Residential construction was at a seasonally adjusted annual rate of $691 billion in December, 3.1% above the revised November estimate of $670.1 billion. Nonresidential construction was at a seasonally adjusted annual rate of $446.6 billion in December, 1.7% below the revised November estimate of $454.4 billion.

The value of private construction in 2020 was $1,079.3 billion, 4.7% above the $1,030.7 billion spent in 2019. Residential construction in 2020 was $607.6 billion, 11.6% above the 2019 figure of $544.4 billion and nonresidential construction was $471.7 billion, 3% below the $486.3 billion in 2019.

In December, the estimated seasonally adjusted annual rate of public construction spending was $352.8 billion, 0.5% above the revised November estimate of $351.1 billion. Educational construction was at a seasonally adjusted annual rate of $90.2 billion, 0.6% above the revised November estimate of $89.7 billion. Highway construction was at a seasonally adjusted annual rate of $98.4 billion, 0.9% above the revised November estimate of $97.5 billion.

The value of public construction in 2020 was $350.5 billion, 4.8% above the $334.4 billion spent in 2019. Educational construction in 2020 was $87.3 billion, 3.6% above the 2019 figure of $84.3 billion and highway construction was $98.8 billion, 1.8% above the $97.1 billion in 2019.

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