Research >> Economics
Construction Spending Increased 0.2% in December 2021
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Total Construction
Construction spending during December 2021 was estimated at a seasonally adjusted annual rate of $1,639.9 billion, 0.2 percent (± 0.8 percent)* above the revised November estimate of $1,636.5 billion. The December figure is 9.0 percent (±1.0 percent) above the December 2020 estimate of $1,504.2 billion. The value of construction in 2021 was $1,589.0 billion, 8.2 percent (±0.8 percent) above the $1,469.2 billion spent in 2020.
Private Construction
Spending on private construction was at a seasonally adjusted annual rate of $1,292.9 billion, 0.7 percent (±0.5 percent) above the revised November estimate of $1,283.8 billion. Residential construction was at a seasonally adjusted annual rate of $810.3 billion in December, 1.1 percent (±1.3 percent)* above the revised November estimate of $801.1 billion. Nonresidential construction was at a seasonally adjusted annual rate of $482.6 billion in December, virtually unchanged from (±0.5 percent)* the revised November estimate of $482.7 billion.
The value of private construction in 2021 was $1,242.8 billion, 12.2 percent (±1.0 percent) above the $1,107.9 billion spent in 2020. Residential construction in 2021 was $774.9 billion, 23.2 percent (±2.1 percent) above the 2020 figure of $628.9 billion and nonresidential construction was $467.9 billion, 2.3 percent (±1.0 percent) below the $479.0 billion in 2020.
Posted: February 1, 2022 Tuesday 10:00 AM