Census Bureau: Construction Spending Up 4.5 Percent in 2016

The U.S. Census Bureau announced construction-spending statistics for full year 2016, as well as December 2016. The value of construction in 2016 was $1,162.4 billion, 4.5 percent (±1.0 percent) above the $1,112.4 billion spent in 2015.

The value of private construction in 2016 was $876.3 billion, 6.4 percent (±1.2 percent) above the $823.5 billion spent in 2015. Residential construction in 2016 was $456.2 billion, 5.2 percent (±2.1 percent) above the 2015 figure of $433.7 billion and nonresidential construction was $420.1 billion, 7.8 percent (±1.2 percent) above the $389.9 billion in 2015.

Construction spending during December 2016 was estimated at a seasonally adjusted annual rate of $1,181.5 billion, 0.2 percent (±1.0 percent) below the revised November estimate of $1,184.4 billion. The December figure is 4.2 percent (±1.3 percent) above the December 2015 estimate of $1,133.7 billion.

Spending on private construction was at a seasonally adjusted annual rate of $897.0 billion, 0.2 percent (± 0.8 percent) above the revised November estimate of $894.8 billion.

Residential construction was at a seasonally adjusted annual rate of $466.9 billion in December, 0.5 percent (±1.3 percent) above the revised November estimate of $464.8 billion.

Nonresidential construction was at a seasonally adjusted annual rate of $430.1 billion in December, nearly the same as (± 0.8 percent) the revised November estimate of $430.1 billion.

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