US Construction Spending Climbs in December

In an encouraging sign for the economy, construction spending in the United States increased by 0.5% in December, reaching a total of $2.19 trillion, according to the latest report from the US Census Bureau. This marks a 4.3% increase compared to the same period last year.

Private and Public Sector Contributions

Private construction spending saw a significant boost, rising by 0.9% to $1.69 trillion. Within this sector, residential construction enjoyed a 1.5% increase, while non-residential construction experienced a modest 0.1% rise. On the public side, construction spending reached $503.6 billion, up by 0.5% from November. Notably, highway construction grew by 0.7%, despite a 0.6% decrease in educational construction.

Annual Construction Spending Overview

The year 2024 concluded with total construction spending amounting to $2.15 trillion, a 6.5% increase from the previous year, highlighting the sector's robust growth and its significant contribution to the economy.