Construction Industry Round Table (CIRT) - Construction In 2019 Finishes the Year Nearly Identical to 2018 Record Levels

Construction In 2019 Finishes the Year Nearly Identical to 2018 Record Levels

Mon, February 03, 2020 9:51 AM | Anonymous

The U.S. Census Bureau announced the following value put in place construction statistics for December 2019: Construction spending during December 2019 was estimated at a seasonally adjusted annual rate of $1,327.7 billion, 0.2 percent below the “revised” November estimate of $1,329.9 billion. The December figure is 5.0 percent above the December 2018 estimate of $1,264.8 billion. The value of construction in 2019 was $1,303.5 billion, 0.3 percent below the $1,307.2 billion spent in 2018. For the year, “public” construction spending actually finished over seven percent higher than in 2018; at the same time nonresidential came in at virtually the same level, while residential finished almost five percent lower.

PRIVATE CONSTRUCTION:
Private Construction Spending on private construction was at a seasonally adjusted annual rate of $991.2 billion, 0.1 percent below the revised November estimate of $992.2 billion. Residential construction was at a seasonally adjusted annual rate of $540.7 billion in December, 1.4 percent above the revised November estimate of $533.3 billion. Nonresidential construction was at a seasonally adjusted annual rate of $450.5 billion in December, 1.8 percent below the revised November estimate of $458.9 billion. The value of private construction in 2019 was $974.7 billion, 2.5 percent below the $1,000.2 billion spent in 2018. Residential construction in 2019 was $514.3 billion, 4.7 percent below the 2018 figure of $539.6 billion and nonresidential construction was $460.4 billion, virtually unchanged from $460.5 billion in 2018.

PUBLIC CONSTRUCTION:
In December, the estimated seasonally adjusted annual rate of public construction spending was $336.4 billion, 0.4 percent below the revised November estimate of $337.7 billion. Educational construction was at a seasonally adjusted annual rate of $80.4 billion, 2.1 percent below the revised November estimate of $82.1 billion. Highway construction was at a seasonally adjusted annual rate of $99.9 billion, 3.1 percent above the revised November estimate of $96.9 billion. The value of public construction in 2019 was $328.8 billion, 7.1 percent above the $307.1 billion spent in 2018. Educational construction in 2019 was $79.0 billion, 3.4 percent above the 2018 figure of $76.4 billion and highway construction was $98.8 billion, 8.8 percent above the $90.8 billion in 2018.