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 Construction||Dec. 2012(1)||Nov. 2012(2)||Mo. % change||Dec. 2011||YTY % change|
|Total Private Construction(1)||614.9||602.9||2||534.6||15|
|Residential (inc. Improvements)2||308.2||301.7||2.2||249.4||23.6|
|New single family||144.8||143.7||0.8||112.9||28.3|
|Commercial (inc. Farm)||44.6||44.7||-0.2||41.9||6.6|
|Amusement and Recreation||6.8||7.0||-3.4||7.3||-7.8|
|Power (inc. Gas and Oil)||83.9||81.0||3.7||73.8||13.7|
|Total Public Construction(1)||270.1||274.1||-1.4||286.1||-5.6|
|Amusement and recreation||9.2||8.8||4.4||9.3||-1.6|
|Highway and street||78.5||78.0||0.7||82.3||-4.6|
|Sewage and waste disposal||20.0||21.9||-8.9||23.2||-13.8|
|Conservation and development||5.7||5.5||3.7||6.3||-8.8|
|NOTES: All data in billions of Dollars; Preliminary: 1; Revised: 2; SOURCE: U.S. Department of Commerce;|