December construction spending rises 4.3% YoY
December construction spending was estimated at a seasonally adjusted annual rate of $2,192.2 billion, 0.5% (± 0.8%) above the revised November estimate of $2,180.3 billion, according to the U.S. Census Bureau. The December figure is 4.3% (±1.3%) above the December 2023 estimate of $2,101.3 billion.
The value of construction in 2024 was $2,154.4 billion, 6.5% (±1.0%) above the $2,023.7 billion spent in 2023.
Spending on private construction was at a seasonally adjusted annual rate of $1,688.5 billion, 0.9% (±0.5%) above the revised November estimate of $1,674.1 billion. Residential construction was at a seasonally adjusted annual rate of $939.5 billion in December, 1.5% (±1.3%) above the revised November estimate of $925.5 billion. Nonresidential construction was at a seasonally adjusted annual rate of $749.0 billion in December, 0.1% (±0.5%) above the revised November estimate of $748.6 billion.
The value of private construction in 2024 was $1,661.7 billion, 5.6% (±1.2%) above the $1,573.0 billion spent in 2023. Residential construction in 2024 was $917.9 billion, 5.9% (±2.1%) above the 2023 figure of $866.9 billion and nonresidential construction was $743.8 billion, 5.3% (±1.2%) above the $706.1 billion in 2023.
Public Construction
In December, the estimated seasonally adjusted annual rate of public construction spending was $503.6 billion, 0.5% (±1.6%) * below the revised November estimate of $506.2 billion. Educational construction was at a seasonally adjusted annual rate of $109.5 billion, 0.6% (±2.0%) * below the revised November estimate of $110.2 billion. Highway construction was at a seasonally adjusted annual rate of $143.3 billion, 0.7% (±3.5%) * above the revised November estimate of $142.3 billion.
The value of public construction in 2024 was $492.7 billion, 9.3% (±2.0%) above the $450.7 billion spent in 2023. Educational construction in 2024 was $105.2 billion, 8.5% (±4.1%) above the 2023 figure of $97.0 billion and highway construction was $142.7 billion, 4.1% (±4.4%) above the $137.0 billion in 2023.
INDUSTRIAL SUPPLY MAGAZINE
The January/February issue of Industrial Supply magazine features an in-depth cover story about MSC Industrial Supply. Plus, we're featuring articles by contributing writers Dr. Bharani Nagarathnam and Frank Hurtte, as well as interviews with numerous product and distribution industry experts.
