December 2021 Construction Spending; Annual Review
The U.S. Census Bureau announced construction spending for December 2021 was at a seasonally adjusted annual rate of $1,639 billion, 0.2% above the revised estimate of $1,636 billion in November. Compared to last year’s same period, construction spending in December was up 9%. The overall value of construction in 2021 was $1,589 billion, 8.2% above the total construction spending in 2020.
While private construction spending in December was $1,293 billion, 0.7% above the revised November estimate of $1,284 billion, public construction spending was $347 billion, 1.6% below the revised November estimate of $353 billion. However, the one strong contributor to public construction was highway construction at $103.5 billion, 0.1% above the revised November estimate of $103.4 billion.
Compared to the previous year, the value of public construction in 2020 was $346 billion, 4.2% below what was spent in 2020. Again, highway construction was the sole leader of growth with $99.7 billion, up 0.2 percent above the $99.5 billion in 2020.
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