Private construction
Spending on private construction was at a seasonally adjusted annual rate of $1,427.1 billion, -0.4% below the revised November estimate of $1,432.9 billion. Residential construction was at a seasonally adjusted annual rate of $857.2 billion in December, -0.3% below the revised November estimate of $860 billion. Nonresidential construction was at a seasonally adjusted annual rate of $570 billion in December, -0.5% below the revised November estimate of $572.9 billion.
The value of private construction in 2022 was $1,429.2 billion, +11.7% above the $1,279.5 billion spent in 2021. Residential construction in 2022 was $899.1 billion, +13.3% above the 2021 figure of $793.7 billion and nonresidential construction was $530.1 billion, +9.1% above the $485.8 billion in 2021. Construction of air transportation facilities in 2022 stood out, with a +69.8% increase YOY to $5,595 billion in spending for the year.
Public construction
In December, the seasonally adjusted annual rate of public construction spending was $382.7 billion, -0.4% below the revised November estimate of $384.4 billion. Educational construction was at $84.2 billion, -0.3% below the revised November estimate of $84.4 billion. The value of public construction in 2022 was $363.6 billion, +4.8% above the $347 billion spent in 2021. Educational construction in 2022 was $80.2 billion, -2.6% below the 2021 figure of $82.3 billion.