According to the U.S. Census Bureau, construction spending during December 2024 was estimated at a seasonally adjusted annual rate of $2,192.2 billion, 0.5% above the revised November estimate of $2,180.3 billion.

The December figure is 4.3% above the December 2023 estimate of $2,101.3 billion.

The value of construction in 2024 was $2,154.4 billion, 6.5% above the $2,023.7 billion spent in 2023.

Spending on private construction was at a seasonally adjusted annual rate of $1,688.5 billion, 0.9% above the revised November estimate of $1,674.1 billion. Residential construction was at a seasonally adjusted annual rate of $939.5 billion in December, 1.5% above the revised November estimate of $925.5 billion. Nonresidential construction was at a seasonally adjusted annual rate of $749.0 billion in December, 0.1% above the revised November estimate of $748.6 billion.

The value of private construction in 2024 was $1,661.7 billion, 5.6% above the $1,573.0 billion spent in 2023. Residential construction in 2024 was $917.9 billion, 5.9% above the 2023 figure of $866.9 billion and nonresidential construction was $743.8 billion, 5.3% above the $706.1 billion in 2023.

In December, the estimated seasonally adjusted annual rate of public construction spending was $503.6 billion, 0.5% below the revised November estimate of $506.2 billion. Educational construction was at a seasonally adjusted annual rate of $109.5 billion, 0.6 percent (±2.0 percent)* below the revised November estimate of $110.2 billion. Highway construction was at a seasonally adjusted annual rate of $143.3 billion, 0.7% above the revised November estimate of $142.3 billion.

The value of public construction in 2024 was $492.7 billion, 9.3% above the $450.7 billion spent in 2023. Educational construction in 2024 was $105.2 billion, 8.5% above the 2023 figure of $97.0 billion and highway construction was $142.7 billion, 4.1% above the $137.0 billion in 2023.

Source: floordaily.net