The U.S. Department of Commerce said construction spending during Dec. 2013 was estimated at a seasonally adjusted annual rate of $930.5 billion, 0.1% above the revised November estimate of $929.9 billion. The December figure is 5.3% above the December 2012 estimate of $883.6 billion. The value of construction in 2013 was $898.4 billion, 4.8% above the $857 billion spent in 2012.
The value of private construction in 2013 was $627.2 billion, 8.5% above the $577.9 billion spent in 2012. Residential construction in 2013 was $330.7 billion, 18% above the 2012 figure of $280.3 billion and nonresidential construction was $296.5 billion, 0.4% below the $297.7 billion in 2012.
Public construction. In December, the estimated seasonally adjusted annual rate of public construction spending was $266.6 billion, 2.3% below the revised November estimate of $272.8 billion. Educational construction was at a seasonally adjusted annual rate of $58.2 billion, 7.2% below the revised November estimate of $62.7 billion. The value of public construction in 2013 was $271.2 billion, 2.8% below the $279.0 billion spent in 2012. Educational construction in 2013 was $62.4 billion, 8.4% below the 2012 figure of $68.2 billion.