December 2019 and Full-Year Construction Spending
The U.S. Census Bureau announced construction spending for December 2019 was at a seasonally adjusted annual rate of $1,328 billion, 0.2 percent below the estimate of $1,330 billion in November. Compared to the same period last year, construction spending in December was up 5.0 percent. The overall value of construction in 2019 was $1,303 billion, not seasonally adjusted which is 0.3 percent below the $1,307 billion in 2018.
While private construction spending in December was $ 991 billion, 0.1 percent below the revised November estimate of $ 992 billion; public construction spending was $ 336 billion, 0.4 percent below last month’s estimate of $ 338 billion. One of the main contributors to public spending was Highway construction which was $99 billion, up 3.1 percent from November’s $97 billion. Also, Highway construction in December 2019 was up 14.1 percent from the same period in 2018.
Compared to the previous year, the value of public construction in 2019 was $329 billion, up 7.1 percent from $307 billion in 2018. Educational construction in 2019 was $79 billion, up 3.4 percent from $76 billion and highway construction was $99 billion, up 8.8 percent from $91 billion in 2018.
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