US Construction Spending Climbs in December

In a recent report by the US Census Bureau, it was revealed that construction spending in the United States hit a significant milestone in December, reaching $2.19 trillion. This marks a 0.5% increase from the revised figures of the previous month and a 4.3% rise on an annual basis.

Private and Public Sectors Show Varied Growth

Breaking down the numbers, private construction spending saw a 0.9% month-on-month increase, totaling $1.69 trillion. This growth was led by a 1.5% rise in residential construction, while non-residential construction experienced a modest 0.1% uptick. On the public front, construction spending reached $503.6 billion, up by 0.5% from the preceding month. Notably, educational construction faced a 0.6% decrease, contrasting with a 0.7% increase in highway construction.

Annual Construction Spending Reflects Robust Growth

Looking back at the entire year of 2024, the construction sector demonstrated strong performance with a total spending of $2.15 trillion, showcasing a 6.5% jump from the previous year's figures. This growth underscores the resilience and expansion of the US construction industry amidst varying economic conditions.