U.S. Census Bureau Reports Solid Gains in Value of New Construction During 2014

The U.S. Census Bureau recently announced that construction spending during Dec. 2014 was estimated at a seasonally adjusted annual rate of $982.1 billion, 0.4% above the revised November estimate of $978.6 billion. The December figure is 2.2% above the Dec. 2013 estimate of $961.2 billion. The value of construction in 2014 was $961.4 billion, 5.6% above the $910.8 billion spent in 2013.

Private construction. Spending on private construction was at a seasonally adjusted annual rate of $698.6 billion, 0.1% percent above the revised November estimate of $698.2 billion. Residential construction was at a seasonally adjusted annual rate of $349.6 billion in December, 0.3% above the revised November estimate of $348.4 billion. Nonresidential construction was at a seasonally adjusted annual rate of $349.0 billion in December, 0.2% below the revised November estimate of $349.8 billion.

The value of private construction in 2014 was $687 billion, 7.2% above the $641.1 billion spent in 2013. Residential construction in 2014 was $350 billion, 4.1% above the 2013 figure of $336.2 billion and nonresidential construction was $337.0 billion, 10.5% above the $304.9 billion in 2013.

Public construction. In December, the estimated seasonally adjusted annual rate of public construction spending was $283.5 billion, 1.1% above the revised November estimate of $280.4 billion. Educational construction was at a seasonally adjusted annual rate of $61.5 billion, 0.6% below the revised November estimate of $61.8 billion. The value of public construction in 2014 was $274.4 billion, 1.8% above the $269.6 billion spent in 2013.