Construction spending during December 2017 was estimated at a seasonally adjusted annual rate of $1,253.3 billion, 0.7% above the revised November estimate of $1,245.1 billion. The December figure was +2.6% above the December 2016 estimate of $1,221.6 billion. The 2017 value of construction in 2017 was $1,230.6 billion, 3.8% above the $1,185.7 billion spent in 2016.
Private construction. Spending on private construction was at a seasonally adjusted annual rate of $963.2 billion, 0.8% above the revised November estimate of $955.9 billion. Residential construction was at a seasonally adjusted annual rate of $526.1 billion in December, +0.5% above the revised November estimate of $523.8 billion. Nonresidential construction was at a seasonally adjusted annual rate of $437.1 billion in December, +1.1% above the revised November estimate of $432.1 billion. The value of private construction in 2017 was $950.7 billion, +5.8% above the $898.7 billion spent in 2016. Residential construction in 2017 was $515.9 billion, +10.6% above the 2016 figure of $466.6 billion and nonresidential construction was $434.8 billion, +0.6% percent above the $432.1 billion in 2016.
Public construction. The seasonally adjusted annual rate of public construction spending was $290 billion, +0.3% above the revised November estimate of $289.1 billion. Educational construction was at a seasonally adjusted annual rate of $75.5 billion, +1.6% above the revised November estimate of $74.4 billion. Public construction in 2017 was $279.8 billion, -2.5% below the $287 billion spent in 2016. Educational construction in 2017 was $71.2 billion, +2.5% above the 2016 figure of $69.5 billion.