The U.S. Census Bureau announced the following value put in place construction statistics for December 2022: Total Construction – Construction spending during December 2022 was estimated at a seasonally adjusted annual rate of $1,809.8 billion, 0.4 percent (± 0.8 percent)* below the revised November estimate of $1,817.3 billion. The December figure is 7.7 percent (±1.2 percent) above the December 2021 estimate of $1,681.0 billion. The value of construction in 2022 was $1,792.9 billion, 10.2 percent (±0.8 percent) above the $1,626.4 billion spent in 2021. Private Construction – Spending on private construction was at a seasonally adjusted annual rate of $1,427.1 billion, 0.4 percent (±0.5 percent)* below the revised November estimate of $1,432.9 billion. Residential construction was at a seasonally adjusted annual rate of $857.2 billion in December, 0.3 percent (±1.3 percent)* below the revised November estimate of $860.0 billion. Nonresidential construction was at a seasonally adjusted annual rate of $570.0 billion in December, 0.5 percent (±0.5 percent)* below the revised November estimate of $572.9 billion. The value of private construction in 2022 was $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021. Residential construction in 2022 was $899.1 billion, 13.3 percent (±2.1 percent) above the 2021 figure of $793.7 billion and nonresidential construction was $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021. Public Construction – In December, the estimated seasonally adjusted annual rate of public construction spending was $382.7 billion, 0.4 percent (±1.3 percent)* below the revised November estimate of $384.4 billion. Educational construction was at a seasonally adjusted annual rate of $84.2 billion, 0.3 percent (±2.3 percent)* below the revised November estimate of $84.4 billion. Highway construction was at a seasonally adjusted annual rate of $117.3 billion, 1.1 percent (±3.5 percent)* above the revised November estimate of $116.0 billion. The value of public construction in 2022 was $363.6 billion, 4.8 percent (±1.3 percent) above the $347.0 billion spent in 2021. Educational construction in 2022 was $80.2 billion, 2.6 percent (±2.6 percent)* below the 2021 figure of $82.3 billion and highway construction was $108.9 billion, 8.6 percent (±3.5 percent) above the $100.2 billion in 2021. Notice – The construction spending estimates released on March 1, 2023, will reflect new survey sampling rates for construction projects started in or after January 2023 to ensure each sample is representative of its target population and to maintain the efficiency of the sample.
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