Private construction led the way over public construction in December 2015.
The U.S. Census Bureau announced that construction spending during December 2015 was estimated at a seasonally adjusted annual rate of $1,116.6 billion, 0.1 percent above the revised November estimate of $1,116.0 billion. The December figure is 8.2 percent above the December 2014 estimate of $1,031.6 billion.
The value of construction in 2015 was $1,097.3 billion, 10.5 percent above the $993.4 billion spent in 2014.
Spending on private construction was at a seasonally adjusted annual rate of $824.0 billion, 0.6 percent below the revised November estimate of $828.8 billion. Residential construction was at a seasonally adjusted annual rate of $429.6 billion in December, 0.9 percent above the revised November estimate of $425.8 billion. Nonresidential construction was at a seasonally adjusted annual rate of $394.4 billion in December, 2.1 percent below the revised November estimate of $403.0 billion.
The value of private construction in 2015 was $806.1 billion, 12.3 percent above the $717.7 billion spent in 2014. Residential construction in 2015 was $416.8 billion, 12.6 percent above the 2014 figure of $370.0 billion. Nonresidential construction was $389.3 billion, 12.0 percent above the $347.7 billion in 2014.
In December, the estimated seasonally adjusted annual rate of public construction spending was $292.5 billion, 1.9 percent above the revised November estimate of $287.1 billion. Educational construction was at a seasonally adjusted annual rate of $69.4 billion, 0.5 percent below the revised November estimate of $69.8 billion.
The value of public construction in 2015 was $291.2 billion, 5.6 percent above the $275.7 billion spent in 2014. Educational construction in 2015 was $67.3 billion, 6.8 percent above the 2014 figure of $63.0 billion.
