Construction spend up 9.2% in 2012
February 1, 2013
Construction spending during December was estimated at a seasonally adjusted annual rate of $885.0 billion– 0.9% above the revised November estimate and 7.8% higher than December 2011, according to advance estimates from the U.S. Census Bureau. The value of construction in 2012 was $850.2 billion — 9.2% higher than in 2011.
Spending on private construction was up 2.0% from November. Residential construction was up 2.2% while nonresidential construction was up 1.8%. For 2012, private construction spending was up 16.1% over 2011. Residential construction was up 16.8%, and nonresidential construction was up 15.4%.
Public construction spending was down 1.4% in November. Educational construction was down 0.7% while highway construction was up by the same percentage. For 2012, public construction spending was down 2.7% from 2011. Educational spending was down 3.5% but highway construction was up 0.6%.
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