Construction Spending Rose 0.2% in December

February 01, 2022 from Floor Focus FloorDaily News

Washington, DC, February 1, 2022 – Construction spending during December 2021 was estimated at a seasonally adjusted annual rate of $1,639.9 billion, 0.2% above the revised November estimate of $1,636.5 billion, according to the U.S. Census Bureau. The December figure is 9.0% above the December 2020 estimate of $1,504.2 billion.

The value of construction in 2021 was $1,589.0 billion, 8.2% above the $1,469.2 billion spent in 2020.

Spending on private construction was at a seasonally adjusted annual rate of $1,292.9 billion, 0.7% above the revised November estimate of $1,283.8 billion. Residential construction was at a seasonally adjusted annual rate of $810.3 billion in December, 1.1 % above the revised November estimate of $801.1 billion. Nonresidential construction was at a seasonally adjusted annual rate of $482.6 billion in December, virtually unchanged from the revised November estimate of $482.7 billion.

The value of private construction in 2021 was $1,242.8 billion, 12.2% above the $1,107.9 billion spent in 2020. Residential construction in 2021 was $774.9 billion, 23.2% above the 2020 figure of $628.9 billion and nonresidential construction was $467.9 billion, 2.3% below the $479.0 billion in 2020.