2016 Value of New Construction Enjoys 4.5% YOY Increase to $1,184.4 Billion

The U.S. Census Bureau of the Department of Commerce said construction spending during December 2016 was estimated at a seasonally adjusted annual rate of $1,181.5 billion, 0.2% below the revised November estimate of $1,184.4 billion and 4.2% above the December 2015 estimate of $1,133.7 billion. The value of construction in 2016 was $1,162.4 billion, 4.5% above the $1,112.4 billion spent in 2015.

Private construction. Spending on private construction was at a seasonally adjusted annual rate of $897 billion, 0.2% above the revised November estimate of $894.8 billion. Residential construction was at a seasonally adjusted annual rate of $466.9 billion in December, 0.5% above the revised November estimate of $464.8 billion. Nonresidential construction was at a seasonally adjusted annual rate of $430.1 billion in December, nearly the same as the revised November estimate of $430.1 billion.

The value of private construction in 2016 was $876.3 billion, 6.4% above the $823.5 billion spent in 2015. Residential construction in 2016 was $456.2 billion, 5.2% above the 2015 figure of $433.7 billion and nonresidential construction was $420.1 billion, 7.8% above the $389.9 billion in 2015.

Public construction. In December, the estimated seasonally adjusted annual rate of public construction spending was $284.5 billion, 1.7% below the revised November estimate of $289.6 billion. Educational construction was at a seasonally adjusted annual rate of $70.1 billion, 2.2% below the revised November estimate of $71.6 billion. The value of public construction in 2016 was $286 billion, 1% below the $288.9 billion spent in 2015. Educational construction in 2016 was $69.7 billion, 4.7% above the 2015 figure of $66.6 billion.