February 02, 2021
During December 2020, construction spending rose an estimated seasonally adjusted annual rate of 1% (± 0.8%) to $1,490.4 billion, reported by US Census Bureau. This was above the revised November estimate of $1,475.6 billion. Moreover, this December figure is 5.7% (±1.0%) above the December 2019 estimate of $1,410.3 billion.
In 2020, the value of construction rose 4.7% (±1.0%) to $1,429.7 billion from $1,365.1 billion in 2019.
According to US Census Bureau, “spending on private construction was at a seasonally adjusted annual rate of $1,137.6 billion, 1.2 percent (±0.7 percent) above the revised November estimate of $1,124.4 billion. Residential construction was at a seasonally adjusted annual rate of $691.0 billion in December, 3.1 percent (±1.3 percent) above the revised November estimate of $670.1 billion.” Meanwhile, on a seasonally adjusted basis, nonresidential construction was at an annual rate of $446.6 billion in December, 1.7% (±0.7%) below the revised November estimate of $454.4 billion.
The private construction value totalled $1,079.3 billion which was 4.7% (±0.8%) greater than the $1,030.7 billion spent in 2019. Moreover, in 2020, residential construction stood at $607.6 billion, 11.6% (±2.1%) more than the $544.4 billion spent in 2019, and non-residential construction was $471.7 billion, 3.0% (±0.8%) below 2019’s $486.3 billion.
The projected seasonally adjusted annual rate of public construction spending in December was $352.8 billion, 0.5% (±1.3%) above the updated $351.1 billion November estimate. Educational construction was 0.6% (±1.5%) above the updated November forecast of $89.7 billion, at a seasonally adjusted annual rate of $90.2 billion. Whereas highway construction was $98.4 billion, 0.9% (±3.5%) above the updated November forecast of $97.5 billion, at a seasonally adjusted annual rate.
The public construction value in 2020 amounted to $350.5 billion, a 4.8% (±1.6%) increase (2019: $334.4 billion). Notably, in 2020, educational construction totalled $87.3 billion, 3.6% (±3.3%) greater than the $84.3 billion spent in 2019 whereas highway construction amounted to $98.8 billion, 1.8% (±4.1%) above the $97.1 billion in 2019.
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