Construction spending decreased 0.2% in December to a seasonally adjusted annual level (SAAL) of $1,181.5 billion, according to the Census Bureau. November’s spending estimate was revised to a rate of $1,184.4 billion. Construction spending for the year amounted to $1,162.4 billion, up 4.5% from the 2015 total of $1,112.4 billion.
Private residential construction was $466.9 billion SAAL, 0.5% above November’s rate.
Private nonresidential construction was $430.1 billion, virtually the same as November’s estimate.
Public construction decreased 1.7% to $284.5 billion SAAL, largely due to declines in educational and highway construction projects.
Read the Census release.
Visit Banks and the Economy.