Construction spending during December 2011 was estimated at a seasonally adjusted annual rate of $816.4 billion, 1.5% (±1.4%) above the revised November estimate of $804 billion, according to the Department of Commerce. The December figure is 4.3% (±1.9%) above the December 2010 estimate of $782.9 billion.
The value of construction in 2011 was $787.4 billion, 2% (±1.1%) below the $803.6 billion spent in 2010.
PRIVATE CONSTRUCTION
Spending on private construction was at a seasonally adjusted annual rate of $529.7 billion, 2.1% (±1.1%) above the revised November estimate of $518.8 billion.
Residential construction was at a seasonally adjusted annual rate of $241.2 billion in December, 0.8% (±1.3%)* above the revised November estimate of $239.4 billion.
Nonresidential construction was at a seasonally adjusted annual rate of $288.5 billion in December, 3.3% (±1.1%) above the revised November estimate of $279.4 billion.
The value of private construction in 2011 was $504.1 billion, 0.7% (±1.4%) above the $500.6 billion spent in 2010.
Residential construction in 2011 was $236.2 billion, 1.1% (±2.1%) below the 2010 figure of $238.8 billion and nonresidential construction was $268.0 billion, 2.4% (±1.4%) above the $261.8 billion in 2010.
PUBLIC CONSTRUCTION
In December, the estimated seasonally adjusted annual rate of public construction spending was $286.6 billion, 0.5% (±2.1%) above the revised November estimate of $285.3 billion.
Educational construction was at a seasonally adjusted annual rate of $70.6 billion, 0.6% (±3.4%) below the revised November estimate of $71.1 billion. Highway construction was at a seasonally adjusted annual rate of $84.5 billion, 1.8% (±5.0%) above the revised November estimate of $82.9 billion.
The value of public construction in 2011 was $283.3 billion, 6.5% (±1.4%) below the $303.0 billion spent in 2010. Educational construction in 2011 was $70.9 billion, 5.3% (±3.2%) below the 2010 figure of $74.9 billion and highway construction was $78.9 billion, 4.5% (±3.2%) below the $82.5 billion in 2010.
