Construction spending rise by 0.9%
- Prior month 0.4% revised to 0.9%
- Construction spending for December 0.9% versus 0.5% expected. Highest level since May 2023
- Private construction 0.9% vs 0.7% last month
- Public construction 1.3% vs -0.7% last month
Stronger than expected and revision to prior month is higher as well.
Details from the Census Bureau.
Total Construction: +0.9%
- December 2023 construction spending was $2,096.0 billion, a 0.9% increase from November’s revised estimate of $2,078.3 billion.
- The December 2023 figure is 13.9% higher than the December 2022 estimate of $1,840.9 billion.
- Total construction spending for 2023 amounted to $1,978.7 billion, marking a 7.0% rise from the $1,848.7 billion spent in 2022.
Private Construction: +0.9%
- December 2023 construction spending reached $2,096.0 billion, up 0.9% from November 2023’s $2,078.3 billion.
- The spending in December 2023 was 13.9% above the December 2022 figure of $1,840.9 billion.
- For the entire year of 2023, construction spending totaled $1,978.7 billion, a 7.0% increase from 2022’s spending of $1,848.7 billion.
Publis Construction: +1.3%
- December’s seasonally adjusted annual rate of public construction spending was $476.3 billion, a 1.3% increase from November’s $470.3 billion.
- Educational construction in December was at a seasonally adjusted annual rate of $100.3 billion, slightly down by 0.1% from November’s $100.4 billion.
- Highway construction in December reached a seasonally adjusted annual rate of $151.2 billion, 4.1% higher than November’s $145.2 billion.
- The total value of public construction in 2023 was $437.7 billion, 16.3% higher than the $376.3 billion spent in 2022.
- Educational construction spending in 2023 totaled $93.0 billion, up 11.9% from $83.1 billion in 2022.
- Highway construction spending in 2023 was $133.6 billion, an 18.0% increase from $113.3 billion in 2022.