Construction Spending Increased 0.5% in December - The Legend of Hanuman

Construction Spending Increased 0.5% in December


by Calculated Risk on 2/03/2025 10:17:00 AM

From the Census Bureau reported that overall construction spending increased:

Construction spending during December 2024 was estimated at a seasonally adjusted annual rate of $2,192.2 billion, 0.5 percent above the revised November estimate of $2,180.3 billion. The December figure is 4.3 percent above the December 2023 estimate of $2,101.3 billion.

The value of construction in 2024 was $2,154.4 billion, 6.5 percent above the $2,023.7 billion spent in 2023.
emphasis added

Private spending increased and public spending decreased:

Spending on private construction was at a seasonally adjusted annual rate of $1,688.5 billion, 0.9 percent above the revised November estimate of $1,674.1 billion. …

In December, the estimated seasonally adjusted annual rate of public construction spending was $503.6 billion, 0.5 percent below the revised November estimate of $506.2 billion.

Construction Spending Click on graph for larger image.

This graph shows private residential and nonresidential construction spending, and public spending, since 1993. Note: nominal dollars, not inflation adjusted.

Private residential (red) spending is 4.2% below the peak in 2022.

Private non-residential (blue) spending is at a new peak.

Public construction spending is 0.6% below the peak in October 2024.

Year-over-year Construction SpendingThe second graph shows the year-over-year change in construction spending.

On a year-over-year basis, private residential construction spending is up 6.0%. Private non-residential spending is up 2.3% year-over-year. Public spending is up 4.3% year-over-year.

This was above consensus expectations and spending for the previous two months was revised up.


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