December 2023 Construction Spending; Annual Review

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The U.S. Census Bureau announced construction spending for December 2023 was at a seasonally adjusted annual rate of $2,096 billion, 0.9% above the revised estimate of $2,078 billion in November. Compared to last year, construction spending in December was up 13.9%. The overall construction value in 2023 was $1,979 billion, 7% above the total construction spending in 2022.

While private construction spending in December was $1,620 billion, 0.7% above the revised November estimate of $1,608 billion, public construction spending was $476 billion, 1.3 % above the revised November estimate of $470 billion. A key contributor to public construction was highway construction at $151 billion, 4.1% above the revised November estimate of $145 billion.

Compared to the previous year, the value of public construction in 2023 was $438 billion, 16.3% above what was spent in 2022. Again, highway construction was a leading contributor of growth with $134 billion, up 18 % above the $113 billion in 2022.

More information may be found at: https://www.census.gov/construction/c30/pdf/release.pdf.