The U.S. Census Bureau of the Department of Commerce estimated construction spending during December 2015 at a seasonally adjusted annual rate of $1,116.6 billion, just 0.1% above the revised November estimate.
Total construction put in place in December is estimated to be worth 8.2% more than that spent in December 2014.
The value of all construction put in place in 2015 was $1,097.3 billion, 10.5% above the $993.4 billion spent in 2014.
Private Construction
Spending on private construction slipped 0.6% in December to an annual rate of $824.0 billion. Residential construction rose 0.9% to a seasonally adjusted annual rate of $429.6 billion.
Private nonresidential construction dropped 2.1% to a $394.4 billion annual rate in December. Nevertheless, private nonresidential spending for the fourth quarter of 2015 was more than 18% above the same quarter of 2014.
Private nonresidential spending increased 12% over the course of last year. The gain was led by manufacturing, amusement and recreation, lodging and office, which all increased more than 20%.
Total private construction in 2015 leaped 12.3% to $806.1 billion. Residential construction was up 12.6% to $416.8 billion.
Public Construction
Public spending jumped 1.9% in December, pushing total public spending up 5.6% in 2015. Educational construction drooped 0.5% to a seasonally adjusted annual rate of $69.4 billion. Highway construction jumped 9.4% to a $95.4 billion annual rate.
The total value of public construction in 2015 rose 5.6% to $291.2 billion. Educational construction increased 6.8% to $67.3 billion. Highway construction increased 6.7% to $89.6 billion.
