Total U.S. construction spending rose above expectations in December following a modest increase in November, according to figure shared on Feb. 3 by the U.S. Census Bureau.
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Spending in December was estimated at a seasonally adjusted annual rate of $2.192 trillion, 0.5% above the revised November estimate. Economists polled by Reuters and the Wall Street Journal had forecast a 0.2% December increase in December, following its previous report of unchanged in November. It followed increases of 0.2% in November and 1.6% in October.
U.S. Construction Spending: Month-Over-Month % Change through December 2024
source: tradingeconomics.com
The December figure was up 4.3% year-over-year.
Year-to-date, spending through 2024 was up 6.5% compared to the same period in 2023.
Private Construction
December spending on private construction was at a seasonally-adjusted annual rate of 1.688 trillion, 0.9% above the revised November estimate. Residential construction was at a rate of $939, 1.5% above the revised November estimate, while nonresidential construction’s rate of $749 billion was 0.1% above the revised November estimate.
Public Construction
December spending on public construction was at a seasonally-adjusted annual rate of $503.6 billion, 0.5% below the revised November estimate. Education construction was at a rate of $109.5 billion, 0.6% below the revised November estimate, while highway construction’s rate of $143.3 billion, was 0.7% above the revised November estimate.
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