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February 01, 2024US CONSTRUCTION SPENDING, DECEMBER AND ANNUAL 2023 Month over month December 2023 vs November 2023, seasonally adjusted annual rate)
The United States construction spending increased 0.9% to $2,096.0 billion. Total residential construction increased 1.4% to $922.2 billion. Total non-residential construction spending increased 0.4% to $1,173.9 billion.
Private sector construction increased 0.7% to $1,619.7 billion. Private residential construction increased 1.4% to $911.7 billion, while private non-residential construction spending decreased 0.2% to $708.0 billion.
Public sector construction increased 1.3% to $476.3 billion. Public residential construction decreased 2.5% to $10.4 billion, while public non-residential construction spending increased 1.4% to $465.9 billion.
Annual (2023 vs 2022)
US construction spending slowed to 6.9%
- Total residential construction was down 5.5%
- Total non-residential construction was up 19.5%
- Private sector construction was up 4.7%
- Public sector construction was up 15.8%
US Private construction spending was up 4.7%
- Private residential construction was down 5.6%
- Private non-residential construction was up 21.8%
US Public construction spending was up 15.8%
- Public residential construction was up 7.8%
- Public non-residential construction was up 16.0%
US Total construction spending slowed to 6.9%
- Private non-residential construction was down 5.5%
- Private non-residential construction was up 19.5%
In 2023
- Private construction slowed to 4.7%
- Private residential construction was down 5.6%
- Private non-residential construction was up 21.8%
- Public construction was up 15.8%
- Public residential construction was up 7.8%
- Public non-residential construction was up 16.0%
Source: US Census Bureau, retrieved from Federal Reserve Bank of St. Louis using a FRED API.
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