US Construction on the rise

February 2, 2021

By: The Working Forest Staff

The U.S. Census Bureau announced the following value of put in place construction statistics for December 2020:

Total Construction spending during December 2020 was estimated at a seasonally adjusted annual rate of $1,490.4 billion, 1.0 percent (± 0.8 percent) above the revised November estimate of $1,475.6 billion. The December figure is 5.7 percent (±1.0 percent) above the December 2019 estimate of $1,410.3 billion. The value of construction in 2020 was $1,429.7 billion, 4.7 percent (±1.0 percent) above the $1,365.1 billion spent in 2019.

Private Construction Spending on private construction was at a seasonally adjusted annual rate of $1,137.6 billion, 1.2 percent (±0.7 percent) above the revised November estimate of $1,124.4 billion. Residential construction was at a seasonally adjusted annual rate of $691.0 billion in December, 3.1 percent (±1.3 percent) above the revised November estimate of $670.1 billion.

 Nonresidential construction was at a seasonally adjusted annual rate of $446.6 billion in December, 1.7 percent (±0.7 percent) below the revised November estimate of $454.4 billion. The value of private construction in 2020 was $1,079.3 billion, 4.7 percent (±0.8 percent) above the $1,030.7 billion spent in 2019.

Residential construction in 2020 was $607.6 billion, 11.6 percent (±2.1 percent) above the 2019 figure of $544.4 billion and nonresidential construction was $471.7 billion, 3.0 percent (±0.8 percent) below the $486.3 billion in 2019.

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