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.