Total construction spending for December came in at a seasonally adjusted annual rate of $1,327.7 billion, down 0.2% (± 0.8%) from the upwardly revised rate for November. The prior month was revised higher from an estimate of 1,324.1 billion to $1,329.9 billion.
Construction spending in December was still 5.0% (±1.3%) higher than it was in December 2018, when it was $1,264.8 billion. The prior year-over-year gain was 4.1% in November.
However, the value of construction in 2019 was $1,303.5 billion, or 0.3% (±1.0%) below the $1,307.2 billion spent in 2018.
Forecasts ranged from a low of 0.2% to a high of 1.3%. The consensus forecast was 0.5%.
Spending on private construction came in at a seasonally adjusted annual rate of $991.2 billion, down 0.1% (±0.5%) from the revised November estimate of $992.2 billion. Residential construction was$540.7 billion in December, or 1.4% (±1.3%) higher than the revised November estimate of $533.3 billion.
Nonresidential construction came in at a seasonally adjusted annual rate of $450.5 billion in December, 1.8% (±0.5%) below the revised November estimate of $458.9 billion.
The value of private construction in 2019 was $974.7 billion, down 2.5% (±1.0%) from the $1,000.2 billion spent in 2018. Residential construction in 2019 was $514.3 billion, down 4.7% (±2.1%) from $539.6 billion in 2018. Nonresidential construction was virtually unchanged (±1.0%) at $460.4 billion from the $460.5 billion in 2018.
The estimated seasonally adjusted annual rate of total public construction spending was $336.4 billion for December, down 0.4% (±1.3%) from the revised November estimate of $337.7 billion.
Educational construction was at a seasonally adjusted annual rate of $80.4 billion, a decrease of 2.1% (±2.1%) from the revised November estimate of $82.1 billion.
Highway construction came in at a seasonally adjusted annual rate of $99.9 billion, or 3.1% (±3.1%) higher than the revised November estimate of $96.9 billion.
The value of public construction in 2019 was $328.8 billion, which is 7.1% (±1.8%) higher than the $307.1 billion spent in 2018. Educational construction in 2019 was $79.0 billion, an increase of 3.4% (±3.6%) from the $76.4 billion in 2018. Highway construction was $98.8 billion, or 8.8% (±4.6%) higher than the $90.8 billion in 2018.
The most damning journalistic sin committed by the media during the era of Russia collusion…
The first ecological study finds mask mandates were not effective at slowing the spread of…
On "What Are the Odds?" Monday, Robert Barnes and Rich Baris note how big tech…
On "What Are the Odds?" Monday, Robert Barnes and Rich Baris discuss why America First…
Personal income fell $1,516.6 billion (7.1%) in February, roughly the consensus forecast, while consumer spending…
Research finds those previously infected by or vaccinated against SARS-CoV-2 are not at risk of…
This website uses cookies.