2018 Construction Spending Update
The U.S. Census Bureau announced construction spending for 2018 was at a seasonally adjusted annual rate of $1,292.7 billion based on spending in December. The value of construction during 2018 increased by 4.1 percent compared to the same period in 2017.
While private construction spending was $991.2 billion based on spending in December, public construction spending was $301.5 billion. In 2018, both Private and Public construction spending were up with Private up 3.4 percent and Public construction, almost double that, increasing 6.6% from spending in 2017.
There were several contributors to public construction spending growth in 2018:
- Transportation construction was $34.9 billion, which was up 15 percent above the 2017 figures
- Educational construction was $73.6 billion, up 3.8 percent
- Highway construction was $94.6 billion, 4.2 percent above 2017
More information may be found at: https://www.census.gov/construction/c30/pdf/release.pdf