The US experienced a total construction value of $1.97tn in 2023. Credit: M2020 via Shutterstock.

US construction spending experienced an increase during December 2023, according to the latest data released by the country’s Census Bureau.  

The seasonally adjusted annual rate of construction spending in the month reached $2.09tn, a 0.9% rise above the revised November 2023 estimate of $2.07tn.  

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This figure also represents a year-on-year (YoY) 13.9% increase from the December 2022 estimate of $1.84tn.  

The total value of construction for 2023 in the US was $1.97tn, a 7.0% growth rise compared to $1.84tn spent in 2022. 

Private construction spending in December 2023 also saw an upward trend, with a seasonally adjusted annual rate of $1.61tn, which is 0.7% higher than the previous month’s revised estimate.  

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Residential construction led the way with a 1.4% increase from November’s revised estimate of $898.8bn, reaching an annual rate of $911.7bn.  

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However, non-residential construction dipped by 0.2% to an annual rate of $708.0bn from $709.2bn in November 2023.  

Overall, private construction for 2023 amounted to $1.5tn, marking a 4.7% increase from the $1.47tn spent in 2022. 

The residential sector, despite strong performance in December 2023, is noted to have concluded the year at $864.9bn, which is 5.8% lower than the 2022 figure.  

On the other hand, non-residential construction for 2023 showed a 21.9% increase from $554.5bn in 2022, totalling $676.0bn. 

Public construction spending last December also reflected growth, with an estimated seasonally adjusted annual rate of $476.3bn, a 1.3% increase from last November’s estimate.