The U.S. Census Bureau said construction spending during Dec. 2015 was estimated at a seasonally adjusted annual rate of $1,116.6 billion, 0.1% above the revised November estimate of $1,116 billion. The December figure is 8.2% above the December 2014 estimate of $1,031.6 billion. The value of construction in 2015 was $1,097.3 billion, 10.5% above the $993.4 billion spent in 2014.
Private construction. Spending on private construction was at a seasonally adjusted annual rate of $824 billion, 0.6% 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% 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% below the revised November estimate of $403 billion. The value of private construction in 2015 was $806.1 billion, 12.3% above the $717.7 billion spent in 2014. Residential construction in 2015 was $416.8 billion, 12.6% above the 2014 figure of $370 billion and nonresidential construction was $389.3 billion, 12% above the $347.7 billion in 2014.
Public construction. In December, the estimated seasonally adjusted annual rate of public construction spending was $292.5 billion, 1.9% above the revised November estimate of $287.1 billion. Educational construction was at a seasonally adjusted annual rate of $69.4 billion, 0.5% below the revised November estimate of $69.8 billion. The value of public construction in 2015 was $291.2 billion, 5.6% above the $275.7 billion spent in 2014.
