The U.S. Census Bureau announced the “put in place” spending during December 2023 was estimated at a “seasonally adjusted” annual rate of $2,096.0 billion, 0.9 percent above the upward revised November estimate of $2,078.3 billion. The December figure is a whopping 13.9 percent above the December 2022 estimate of $1,840.9 billion; some of which can be accounted for by the impact of inflation on the dollar amounts recorded in 2023.
By comparison, the overall value of construction in 2023 was $1,978.7 billion (also impacted by inflation), or a year-over-year 7.0 percent above the $1,848.7 billion spent in 2022.
Private Construction
Spending on private construction in December was at a seasonally adjusted annual rate of $1,619.7 billion, 0.7 percent 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 percent 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 percent below the revised November estimate of $709.2 billion.
The value of private construction in 2023 was $1,541.0 billion, 4.7 percent above the $1,472.4 billion spent in 2022. Residential construction in 2023 was $864.9 billion, 5.8 percent below the 2022 figure of $917.9 billion and nonresidential construction was $676.0 billion, a massive 21.9 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 percent above the revised November estimate of $470.3 billion. Educational construction was at a seasonally adjusted annual rate of $100.3 billion, 0.1 percent below the revised November estimate of $100.4 billion. Highway construction was at a seasonally adjusted annual rate of $151.2 billion, 4.1 percent above the revised November estimate of $145.2 billion.
The value of public construction in 2023 was $437.7 billion, a very healthy 16.3 percent above the $376.3 billion spent in 2022. Educational construction in 2023 was $93.0 billion, 11.9 percent above the 2022 figure of $83.1 billion and highway construction was $133.6 billion, a large 18.0 percent above the $113.3 billion in 2022 (as the new federal legislation funding finally started to flow).
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