The 2020 Mid-Year Economic Update_long

December Construction Spending Up 2.2% Year-Over-Year

Construction spending was up 5.6 percent in 2014, compared to the previous year.

December 2014 construction spending was estimated at a seasonally adjusted annual rate of $982.1 billion, 0.4 percent above the revised November estimate of $978.6 billion, according to the U.S. Census Bureau of the Department of Commerce. The December figure is 2.2 percent above the December 2013 estimate of $961.2 billion.

For 2014 construction spending amounted to $961.4 billion, 5.6 percent above the total for 2013.

Spending on private construction was at a seasonally adjusted annual rate of $698.6 billion, 0.1 percent above the revised November estimate of $698.2 billion. Residential construction was at a seasonally adjusted annual rate of $349.6 billion in December, 0.3 percent above the revised November estimate of $348.4 billion. Nonresidential construction was at a seasonally adjusted annual rate of $349 billion in December, 0.2 percent below the revised November estimate of $349.8 billion.

In December, the estimated seasonally adjusted annual rate of public construction spending was $283.5 billion, 1.1 percent above the revised November estimate of $280.4 billion. Educational construction was at a seasonally adjusted annual rate of $61.5 billion, 0.6 percent below the revised November estimate of $61.8 billion. Highway construction was at a seasonally adjusted annual rate of $90.3 billion, 2.1 percent above the revised November estimate of $88.4 billion.

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