Construction spending up 4.5 percent for 2016
Construction spending during December fell compared to November but finished the year 4.5 percent abovd 2015, according to the U.S. Census Bureau.
Spending for December was at a seasonally adjusted annual rate of $1,181.5 billion, 0.2 percent below the revised November estimate of $1,184.4 billion. The December figure is 4.2 percent above the December 2015 estimate of $1,133.7 billion.
The value of construction in 2016 was $1,162.4 billion, 4.5 percent above the $1,112.4 billion spent in 2015.
Spending on private construction was at a seasonally adjusted annual rate of $897.0 billion, 0.2 percent 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 percent 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 percent above the $823.5 billion spent in 2015.
Residential construction in 2016 was $456.2 billion, 5.2 percent above the 2015 figure of $433.7 billion and nonresidential construction was $420.1 billion, 7.8 percent above the $389.9 billion in 2015.
In December, the estimated seasonally adjusted annual rate of public construction spending was $284.5 billion, 1.7 percent below the revised November estimate of $289.6 billion. Educational construction was at a seasonally adjusted annual rate of $70.1 billion, 2.2 percent below the revised November estimate of $71.6 billion. Highway construction was at a seasonally adjusted annual rate of $94.3 billion, 0.6 percent below the revised November estimate of $94.9 billion.
The value of public construction in 2016 was $286.0 billion, 1.0 percent below the $288.9 billion spent in 2015. Educational construction in 2016 was $69.7 billion, 4.7 percent above the 2015 figure of $66.6 billion and highway construction was $91.2 billion, 2.0 percent above the $89.4 billion in 2015.
INDUSTRIAL SUPPLY MAGAZINE
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