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Electricalmarketing 3823 New Construction Nonresidential Retail Gettyimages 912188286 Wendellandcarolyn
Electricalmarketing 3823 New Construction Nonresidential Retail Gettyimages 912188286 Wendellandcarolyn
Electricalmarketing 3823 New Construction Nonresidential Retail Gettyimages 912188286 Wendellandcarolyn
Electricalmarketing 3823 New Construction Nonresidential Retail Gettyimages 912188286 Wendellandcarolyn
Electricalmarketing 3823 New Construction Nonresidential Retail Gettyimages 912188286 Wendellandcarolyn

$1,297.7 Billion in 2018 Value of New Construction Outpaces 2017 by +4.1%

March 8, 2019
Nonresidential construction was at a seasonally adjusted annual rate of $454.5 billion in December, +0.4% above the revised November estimate.

Construction spending during December 2018 was estimated at a seasonally adjusted annual rate of $1,292.7 billion, -0.6% below the revised November estimate of $1,300.6 billion. The December figure is +1.6% percent above the Dec. 2017 estimate of $1,272.6 billion. The value of construction in 2018 was $1,297.7 billion, +4.1% above the $1,246 billion spent in 2017.

Private construction. Spending on private construction was at a seasonally adjusted annual rate of $991.2 billion, -0.6% below the revised November estimate of $997.1 billion. Residential construction was at a seasonally adjusted annual rate of $536.7 billion in December, -1.4% below the revised November estimate of $544.2 billion. Nonresidential construction was at a seasonally adjusted annual rate of $454.5 billion in December, +0.4% above the revised November estimate of $452.9 billion.

The value of private construction in 2018 was $995.6 billion, +3.4% above the $962.8 billion spent in 2017. Residential construction in 2018 was $542.3 billion, +3.3% above the 2017 figure of $524.9 billion and nonresidential construction was $453.4 billion, +3.5% above the $437.8 billion in 2017.

Public construction. In December, the estimated seasonally adjusted annual rate of public construction  was $301.5 billion, -0.6% below the revised November estimate of $303.5 billion. Educational construction was at a seasonally adjusted annual rate of $77.5 billion, nearly the same as in November.

The value of public construction in 2018 was $302.0 billion, +6.6% above the $283.2 billion spent in 2017. Educational construction in 2018 was $73.6 billion, +3.8% above the 2017 figure of $71 billion.