The U.S. Census Bureau of the Department of Commerce announced that construction spending during December 2012 was estimated at a seasonally adjusted annual rate of $885.0 billion, 0.9 percent (±1.6%) above the revised November estimate of $876.9 billion. The December figure is 7.8 percent (±1.8%) above the December 2011 estimate of $820.6 billion.

The value of construction in 2012 was $850.2 billion, 9.2 percent (±1.3%) above the $778.2 billion spent in 2011.

Private Construction

Spending on private construction was at a seasonally adjusted annual rate of $614.9 billion, 2.0 percent (±1.3%) above the revised November estimate of $602.9 billion. Residential construction was at a seasonally adjusted annual rate of $308.2 billion in December, 2.2 percent (±1.3%) above the revised November estimate of $301.7 billion.

Nonresidential construction was at a seasonally adjusted annual rate of $306.7 billion in December, 1.8 percent (±1.3%) above the revised November estimate of $301.2 billion.

The value of private construction in 2012 was $574.6 billion, 16.1 percent (±1.8%) above the $495.0 billion spent in 2011. Residential construction in 2012 was $276.8 billion, 16.8 percent (±2.1%) above the 2011 figure of $237.0 billion and nonresidential construction was $297.7 billion, 15.4 percent (±1.8%) above the $258.0 billion in 2011.

Public Construction

In December, the estimated seasonally adjusted annual rate of public construction spending was $270.1 billion, 1.4 percent (±2.5%) below the revised November estimate of $274.1 billion. Educational construction was at a seasonally adjusted annual rate of $65.5 billion, 0.7 percent (±4.9%)* below the revised November estimate of $66.0 billion.

Highway construction was at a seasonally adjusted annual rate of $78.5 billion, 0.7 percent (±5.6%) above the revised November estimate of $78.0 billion.

The value of public construction in 2012 was $275.6 billion, 2.7 percent (±1.6%) below the $283.3 billion spent in 2011. Educational construction in 2012 was $67.7 billion, 3.5 percent (±3.6%) below the 2011 figure of $70.1 billion and highway construction was $79.3 billion, 0.6 percent (±3.8%) above the $78.9 billion in 2011.