$1,297.7 Billion in 2018 Value of New Construction Outpaces 2017 by +4.1%

Construction spending during December 2018 was estimated at a seasonally adjusted annual rate of $1,292.7 billion, -0.6% below the revised November estimate of $1,300.6 billion. The December figure is +1.6% percent above the Dec. 2017 estimate of $1,272.6 billion. The value of construction in 2018 was $1,297.7 billion, +4.1% above the $1,246 billion spent in 2017.

Private construction. Spending on private construction was at a seasonally adjusted annual rate of $991.2 billion, -0.6% below the revised November estimate of $997.1 billion. Residential construction was at a seasonally adjusted annual rate of $536.7 billion in December, -1.4% below the revised November estimate of $544.2 billion. Nonresidential construction was at a seasonally adjusted annual rate of $454.5 billion in December, +0.4% above the revised November estimate of $452.9 billion.

The value of private construction in 2018 was $995.6 billion, +3.4% above the $962.8 billion spent in 2017. Residential construction in 2018 was $542.3 billion, +3.3% above the 2017 figure of $524.9 billion and nonresidential construction was $453.4 billion, +3.5% above the $437.8 billion in 2017.

Public construction. In December, the estimated seasonally adjusted annual rate of public construction  was $301.5 billion, -0.6% below the revised November estimate of $303.5 billion. Educational construction was at a seasonally adjusted annual rate of $77.5 billion, nearly the same as in November.

The value of public construction in 2018 was $302.0 billion, +6.6% above the $283.2 billion spent in 2017. Educational construction in 2018 was $73.6 billion, +3.8% above the 2017 figure of $71 billion.