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Value of Construction Hits $2,096 Billion in December, +7% YOY Above 2022

Feb. 8, 2024
Total construction spending during Dec. 2023 was estimated at a seasonally adjusted annual rate of $2,096 billion, +0.9% above the revised November estimate.

Total construction spending during Dec. 2023 was estimated at a seasonally adjusted annual rate of $2,096 billion, +0.9% above the revised November estimate of $2,078.3 billion. The December figure is +13.9% above the Dec. 2022 estimate of $1,840.9 billion. According to the Dept. of Census, the value of construction in 2023 was $1,978.7 billion, +7%  above the $1,848.7 billion spent in 2022.

Private construction

Spending on private construction was at a seasonally adjusted annual rate of $1,619.7 billion, +0.7% above the revised November estimate of $1,608 billion. Residential construction was at a seasonally adjusted annual rate of $911.7 billion in December, +1.4% above the revised November estimate of $898.8 billion. Nonresidential construction was at a seasonally adjusted annual rate of $708 billion in December, -0.2% below the revised November estimate of $709.2 billion.
Private construction in 2023 was $1,541 billion, +4.7% above the $1,472.4 billion spent in 2022. Nonresidential construction was $676 billion, +21.9% above the $554.5 billion in 2022.

Public construction

In December, the estimated seasonally adjusted annual rate of public construction spending was $476.3 billion, +1.3%  above the revised November estimate of $470.3 billion. Educational construction was at a seasonally adjusted annual rate of $100.3 billion, -0.1% below the revised November estimate of $100.4 billion.


Public construction in 2023 was $437.7 billion, +16.3% above the $376.3 billion spent in 2022. Educational construction in 2023 was $93 billion, +11.9% above the 2022 figure of $83.1 billion.