U.S. Commerce Dept. Says Value of New Construction Finishes 2013 Up 4.8%

Private construction. Spending on private construction was at a seasonally adjusted annual rate of $663.9 billion, 1% above the revised November estimate of $657.1 billion. Residential construction was at a seasonally adjusted annual rate of $352.6 billion in December, 2.6% above the revised November estimate of $343.8 billion. Nonresidential construction was at a seasonally adjusted annual rate of $311.3 billion in December, 0.7% below the revised November estimate of $313.4 billion.

The value of private construction in 2013 was $627.2 billion, 8.5% above the $577.9 billion spent in 2012. Residential construction in 2013 was $330.7 billion, 18% above the 2012 figure of $280.3 billion and nonresidential construction was $296.5 billion, 0.4% below the $297.7 billion in 2012.

Public construction. In December, the estimated seasonally adjusted annual rate of public construction spending was $266.6 billion, 2.3% below the revised November estimate of $272.8 billion. Educational construction was at a seasonally adjusted annual rate of $58.2 billion, 7.2% below the revised November estimate of $62.7 billion. The value of public construction in 2013 was $271.2 billion, 2.8% below the $279.0 billion spent in 2012. Educational construction in 2013 was $62.4 billion, 8.4% below the 2012 figure of $68.2 billion.