December construction spending up 1%
Total construction spending during December 2023 was estimated at a seasonally adjusted annual rate of $2,096.0 billion, 0.9% (± 0.8%) above the revised November estimate of $2,078.3 billion, according to the U.S. Census Bureau. The December figure is 13.9% (±1.5%) above the December 2022 estimate of $1,840.9 billion.
The value of construction in 2023 was $1,978.7 billion, 7.0% (±1.0%) above the $1,848.7 billion spent in 2022.
Private Construction
Spending on private construction was at a seasonally adjusted annual rate of $1,619.7 billion, 0.7% (±0.7%)* above the revised November estimate of $1,608.0 billion. Residential construction was at a seasonally adjusted annual rate of $911.7 billion in December, 1.4% (±1.3%) above the revised November estimate of $898.8 billion. Nonresidential construction was at a seasonally adjusted annual rate of $708.0 billion in December, 0.2% (±0.7%)* below the revised November estimate of $709.2 billion.
The value of private construction in 2023 was $1,541.0 billion, 4.7% (±1.2%) above the $1,472.4 billion spent in 2022. Residential construction in 2023 was $864.9 billion, 5.8% (±2.1%) below the 2022 figure of $917.9 billion and nonresidential construction was $676.0 billion, 21.9% (±1.2 percent) above the $554.5 billion in 2022.
Public Construction
In December, the estimated seasonally adjusted annual rate of public construction spending was $476.3 billion, 1.3% (±1.5%)* above the revised November estimate of $470.3 billion. Educational construction was at a seasonally adjusted annual rate of $100.3 billion, 0.1% (±2.1%)* below the revised November estimate of $100.4 billion. Highway construction was at a seasonally adjusted annual rate of $151.2 billion, 4.1% (±3.6%) above the revised November estimate of $145.2 billion.
The value of public construction in 2023 was $437.7 billion, 16.3% (±1.6 percent) above the $376.3 billion spent in 2022. Educational construction in 2023 was $93.0 billion, 11.9% (±3.6%) above the 2022 figure of $83.1 billion and highway construction was $133.6 billion, 18.0% (±3.9%) above the $113.3 billion in 2022.
INDUSTRIAL SUPPLY MAGAZINE
The November/December issue of Industrial Supply magazine features an in-depth cover story about Kimball Midwest. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and Mike Marks, as well as interviews with numerous product and distribution industry experts.
