Total Construction Spending Ends 2024 with +6.5% Year-Over-Year Gain

Construction spending during Dec. 2024 was estimated at a seasonally adjusted annual rate of $2,192.2 billion, +0.5% above the revised November estimate of $2,180.3 billion. According to the U.S. Census Dept., the Dec. 2024 figure is +4.3% above the Dec. 2023 estimate of $2,101.3 billion. Total construction in 2024 was $2,154.4 billion, +6.5% above the $2,023.7 billion spent in 2023.

Private construction

Spending on private construction was at a seasonally adjusted annual rate of $1,688.5 billion, +0.9% above the revised November estimate of $1,674.1 billion. Residential construction was at a seasonally adjusted annual rate of $939.5 billion in December, +1.5% above the revised November estimate of $925.5 billion. Nonresidential construction was at a seasonally adjusted annual rate of $749 billion in December, +0.1% above the revised November estimate of $748.6 billion.

The value of private construction in 2024 was $1,661.7 billion, +5.6% above the $1,573 billion spent in 2023. Residential construction in 2024 was $917.9 billion, +5.9% above the 2023 figure of $866.9 billion and nonresidential construction was $743.8 billion, +5.3% above the $706.1 billion in 2023.

Public construction

In December, the estimated annual rate of public construction spending was $503.6 billion, -0.5% below the revised November estimate of $506.2 billion. Educational construction was at an annual rate of $109.5 billion, 0.6% below the revised November estimate of $110.2 billion.

The value of public construction in 2024 was $492.7 billion, +9.3% above the $450.7 billion spent in 2023. Educational construction in 2024 was $105.2 billion, +8.5% above the 2023 figure of $97 billion.