Commerce Dept. Data Shows Value of New Construction Finishes 2012 Up 7.8% YTY

The Department of Commerce recently announced that construction spending during Dec. 2012 was estimated at a seasonally adjusted annual rate of $885.0 billion, 0.9% above the revised November estimate of $876.9 billion. The December figure is 7.8% above the Dec. 2011 estimate of $820.6 billion. The value of construction in 2012 was $850.2 billion, 9.2% above the $778.2 billion spent in 2011.

Private construction. Spending on private construction was at a seasonally adjusted annual rate of $614.9 billion, 2% above the revised November estimate of $602.9 billion. Residential construction was at a seasonally adjusted annual rate of $308.2 billion in December, 2.2% above the revised November estimate of $301.7 billion. Nonresidential construction was at a seasonally adjusted annual rate of $306.7 billion in December, 1.8 % above the revised November estimate of $301.2 billion.

The value of private construction in 2012 was $574.6 billion, 16.1% above the $49 billion spent in 2011. Residential construction in 2012 was $276.8 billion, 16.8% above the 2011 figure of $237 billion and nonresidential construction was $297.7 billion, 15.4% above the $258 billion in 2011.

Public construction. In December, the estimated seasonally adjusted annual rate of public construction spending was $270.1 billion, 1.4% below the revised November estimate. Educational construction was at a seasonally adjusted annual rate of $65.5 billion, 0.7% below the revised November estimate of $66 billion. Highway construction was at a seasonally adjusted annual rate of $78.5 billion, 0.7% above the revised November estimate. The value of public construction in 2012 was $275.6 billion, 2.7% below 2011 expenditures. Educational construction in 2012 was $67.7 billion, 3.5% below the 2011 figure of $70.1 billion.

 





Type of ConstructionDec. 2012(1)Nov. 2012(2)Mo. % changeDec. 2011YTY % change
Total Construction885.0876.90.9820.67.8
Total Private Construction(1)614.9602.92534.615
     Residential (inc. Improvements)2308.2301.72.2249.423.6
               New single family144.8143.70.8112.928.3
               New multi-family25.824.36.216.457.4
          Lodging11.211.02.19.221.2
          Office28.828.2223.025.2
          Commercial (inc. Farm)44.644.7-0.241.96.6
          Health Care29.028.80.729.9-3.1
          Educational18.117.16.415.616.6
          Religious3.73.60.74.1-10.2
          Amusement and Recreation6.87.0-3.47.3-7.8
          Transportation12.312.8-3.711.210.4
          Communication16.817.0-0.817.6-4.5
          Power (inc. Gas and Oil)83.981.03.773.813.7
               Electric70.567.05.262.412.9
          Manufacturing49.948.72.550.0-0.2
Total Public Construction(1)270.1274.1-1.4286.1-5.6
Residential6.46.6-2.67.8-17.3
     Office9.59.41.812.1-21.4
     Commercial2.73.2-16.53.8-29.9
     Health care11.411.03.911.04.1
     Educational65.566.0-0.770.0-6.4
     Public safety9.29.3-0.410.5-12.2
     Amusement and recreation9.28.84.49.3-1.6
     Transportation28.228.5-124.415.6
     Power9.911.6-14.910.5-6.3
     Highway and street78.578.00.782.3-4.6
     Sewage and waste disposal20.021.9-8.923.2-13.8
     Water supply12.412.8-3.512.7-2.9
     Conservation and development5.75.53.76.3-8.8
NOTES: All data in billions of Dollars; Preliminary: 1; Revised: 2; SOURCE: U.S. Department of Commerce;


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