December 2022 Construction Spending; Annual Review

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The U.S. Census Bureau announced construction spending for December 2022 was at a seasonally adjusted annual rate of $1,809 billion, 0.4% below the revised estimate of $1,817 billion in November. Compared to last year’s same period, construction spending in December was up 7.7%. The overall value of construction in 2022 was $1,793 billion, 10.2% above the total construction spending in 2021.

While private construction spending in December was $1,427 billion, 0.4% below the revised November estimate of $1,433 billion, public construction spending was $383 billion, 0.4 % below the revised November estimate of $384 billion. However, the one strong contributor to public construction was highway construction at $117.3 billion, 1.1% above the revised November estimate of $116 billion.

Compared to the previous year, the value of public construction in 2022 was $364 billion, 4.8% above what was spent in 2021. Again, highway construction was a leading contributor of growth with $109 billion, up 8.6 % above the $100.2 billion in 2021.

More information may be found at https://www.census.gov/construction/c30/pdf/release.pdf