March 2024 Construction Spending

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Construction spending during March 2024 was estimated at a seasonally adjusted annual rate (SAAR) of $2,083.9 billion, 0.2% (±0.8%)* below the revised February estimate of $2,087.8 billion (originally $2,091.5 billion); expectations were for +0.3%. The March figure is 9.6% (±1.3%) above the March 2023 estimate of $1,901.4 billion; the not-seasonally adjusted YoY comparison (shown in the table below) is +8.7%.

During the first three months of this year, construction spending amounted to $461.0 billion, 10.6% (±1.3%) above the $416.7 billion for the same period in 2023.

* 90% confidence interval includes zero. The U.S. Census Bureau does not have sufficient statistical evidence to conclude that the actual change is different from zero.

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Private Construction

Spending on private construction was at a SAAR of $1,600.8 billion, 0.5% (±0.7%)* below the revised February estimate of $1,608.5 billion (originally $1,616.8 billion):
- Residential construction. $884.3 billion, or -0.7% (±1.3%)* of which
- Home improvement. $315.9 billion, -1.6% (-9.1% YoY);
- Nonresidential construction. $716.5 billion, or 0.2% (±0.7%).

Public Construction

Public construction spending was $483.1 billion, 0.8% (±1.5%)* above the revised February estimate of $479.3 billion (originally $480.1 billion):
- Educational. $102.7 billion, or +1.0% (±2.0%)*;
- Highway. $149.0 billion, or +0.9% (±3.9%)*.

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Click here for a discussion of March’s new residential permits, starts and completions, and here for a discussion of new and existing home sales, inventories and prices.

The foregoing comments represent the general economic views and analysis of Delphi Advisors, and are provided solely for the purpose of information, instruction and discourse. They do not constitute a solicitation or recommendation regarding any investment.

February 2024 Construction Spending

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Construction spending during February 2024 was estimated at a seasonally adjusted annual rate (SAAR) of $2,091.5 billion, 0.3% (±0.8%)* below the revised January estimate of $2,096.9 billion (originally $2,102.4 billion); expectations were for +0.2%. The February figure is 10.7% (±1.3%) above the February 2023 SAAR of $1,889.6 billion; the not-seasonally adjusted YoY comparison (shown in the table below) is +11.8%.

During the first two months of this year, construction spending amounted to $298.1 billion, 11.9% (±1.3%) above the $266.5 billion for the same period in 2023.

* 90% confidence interval includes zero. The U.S. Census Bureau does not have sufficient statistical evidence to conclude that the actual change is different from zero.

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Private Construction

Spending on private construction was at a SAAR of $1,617.1 billion, virtually unchanged from (±0.7%)* the revised January estimate of $1,616.8 billion (originally $1,623.4 billion):
- Residential. $901.1 billion, +0.7% (±1.3%)* of which
- Home improvement. $329.1 billion, +0.2% (-4.0% YoY);
- Nonresidential. $716.0 billion, -0.9% (±0.7%).

Public Construction

Public construction spending was $474.4 billion, 1.2% (±1.5%)* below the revised January estimate of $480.1 billion (originally $479.0 billion):
- Educational. $100.5 billion, -1.8% (±2.0%)*;
- Highway. $147.3 billion, -1.6% (±4.8%)*.

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Click here for a discussion of February’s new residential permits, starts and completions, and here for a discussion of new and existing home sales, inventories and prices.

The foregoing comments represent the general economic views and analysis of Delphi Advisors, and are provided solely for the purpose of information, instruction and discourse. They do not constitute a solicitation or recommendation regarding any investment.

January 2024 Construction Spending

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Construction spending during January 2024 was estimated at a seasonally adjusted annual rate (SAAR) of $2,102.4 billion, 0.2% (±0.8%)* below the revised December estimate of $2,105.8 billion (originally $2,096.0 billion); expectations were for +0.2%. The January figure is 11.7% (±1.5%) above the January 2023 SAAR of $1,882.2 billion; the not-seasonally adjusted YoY comparison (shown in the table below) is +12.2%.

* 90% confidence interval includes zero. The U.S. Census Bureau does not have sufficient statistical evidence to conclude that the actual change is different from zero.

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Private Construction

Spending on private construction was at a SAAR of $1,623.4 billion, 0.1% (±0.7%)* above the revised December estimate of $1,622.3 billion (originally $1,619.7 billion):
- Residential. $900.8 billion, +0.2% (±1.3%)* of which
- Home improvement. $336.2 billion, -0.1% (-3.6% YoY);
- Nonresidential. $722.6 billion, -0.1% (±0.7%)*.

Public Construction

Public construction spending was $479.0 billion, 0.9% (±1.5%)* below the revised December estimate of $483.5 billion (originally $476.3 billion):
- Educational. $101.5 billion, -0.7% (±3.1%)*;
- Highway. $150.1 billion, -2.1% (±3.6%)*.

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Click here for a discussion of January’s new residential permits, starts and completions, and here for a discussion of new and existing home sales, inventories and prices.

The foregoing comments represent the general economic views and analysis of Delphi Advisors, and are provided solely for the purpose of information, instruction and discourse. They do not constitute a solicitation or recommendation regarding any investment.

December 2023 Construction Spending

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Construction spending during December 2023 was estimated at a seasonally adjusted annual rate (SAAR) of $2,096.0 billion, 0.9% (± 0.8%) above the revised November estimate of $2,078.3 billion (originally $2,050.1 billion); expectations were for +0.5%. The December figure is 13.9% (±1.5%) above the December 2022 SAAR of $1,840.9 billion; the not-seasonally adjusted YoY comparison (shown in the table below) is +14.5%.

The value of construction in 2023 was $1,978.7 billion, 7.0% (±1.0%) above the $1,848.7 billion spent in 2022.

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Private Construction

Spending on private construction was at a seasonally adjusted annual rate of $1,619.7 billion, 0.7% (±0.7%)* above the revised November estimate of $1,608.0 billion (originally $1,595.0 billion):
- Residential. $911.7 billion, +1.4% (±1.3%) of which
- Home improvement. $348.3 billion, +1.7% (+2.3% YoY);
- Nonresidential. $708.0 billion, -0.2% (±0.7%)*.

The value of private construction in 2023 was $1,541.0 billion, 4.7% (±1.2%) above the $1,472.4 billion spent in 2022. Residential construction in 2023 was $864.9 billion, 5.8% (±2.1%) below the 2022 figure of $917.9 billion and nonresidential construction was $676.0 billion, 21.9% (±1.2%) above the $554.5 billion in 2022.

Public Construction

Public construction spending was $476.3 billion, 1.3% (±1.5%)* above the revised November estimate of $470.3 billion (originally $445.1 billion):
- Educational. $100.3 billion, -0.1% (±2.1%)*;
- Highway. $151.2 billion, +4.1% (±3.6%).

The value of public construction in 2023 was $437.7 billion, 16.3% (±1.6%) above the $376.3 billion spent in 2022. Educational construction in 2023 was $93.0 billion, 11.9% (±3.6%) above the 2022 figure of $83.1 billion and highway construction was $133.6 billion, 18.0% (±3.9%) above the $113.3 billion in 2022.

* 90% confidence interval includes zero. The U.S. Census Bureau does not have sufficient statistical evidence to conclude that the actual change is different from zero.

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Click here for a discussion of December’s new residential permits, starts and completions, and here for a discussion of new and existing home sales, inventories and prices.

The foregoing comments represent the general economic views and analysis of Delphi Advisors, and are provided solely for the purpose of information, instruction and discourse. They do not constitute a solicitation or recommendation regarding any investment.

November 2023 Construction Spending

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Construction spending during November 2023 was estimated at a seasonally adjusted annual rate (SAAR) of $2,050.1 billion, 0.4% (±1.0%)* above the revised October estimate of $2,042.5 billion (originally $2,027.1 billion); expectations were for +0.6%. The November figure is 11.3% (±1.5%) above the November 2022 SAAR of $1,842.2 billion; the not-seasonally adjusted YoY comparison (shown in the table below) is +11.6%.

During the first 11 months of this year, construction spending amounted to $1,817.1 billion, 6.2% (±1.0%) above the $1,711.1 billion for the same period in 2022.

* 90% confidence interval includes zero. The U.S. Census Bureau does not have sufficient statistical evidence to conclude that the actual change is different from zero.

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Private Construction

Spending on private construction was at a SAAR of $1,595.0 billion, 0.7% (±0.5%) above the revised October estimate of $1,584.4 billion (originally $1,579.3 billion):
- Residential. $896.8 billion, +1.1% (±1.3%)* of which
- Home improvement. $338.5 billion, -0.8% (-2.8% YoY);
- Nonresidential. $698.2 billion, +0.2% (±0.5%)*.

Public Construction

Public construction spending was $455.1 billion, 0.7% (±1.8%)* below the revised October estimate of $458.1 billion (originally $447.8 billion):
- Educational. $99.2 billion, -0.3% (±2.0%)*;
- Highway. $135.8 billion, +0.1% (±4.4%)*.

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Click here for a discussion of November’s new residential permits, starts and completions, and here for a discussion of new and existing home sales, inventories and prices.

The foregoing comments represent the general economic views and analysis of Delphi Advisors, and are provided solely for the purpose of information, instruction and discourse. They do not constitute a solicitation or recommendation regarding any investment.

October 2023 Construction Spending

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Construction spending during October 2023 was estimated at a seasonally adjusted annual rate (SAAR) of $2,027.1 billion, 0.6% (±1.0%)* above the revised September estimate of $2,014.7 billion (originally $1,996.5 billion); expectations were for +0.3%. The October figure is 10.7% (±1.6%) above the October 2022 SAAR of $1,830.5 billion; the not-seasonally adjusted YoY comparison (shown in the table below) is +11.4%.

During the first 10 months of this year, construction spending amounted to $1,646.0 billion, 5.6% (±1.2%) above the $1,559.1 billion for the same period in 2022.

* 90% confidence interval includes zero. The U.S. Census Bureau does not have sufficient statistical evidence to conclude that the actual change is different from zero.

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Private Construction

Spending on private construction was at a SAAR of $1,579.3 billion, 0.7% (±0.8%)* above the revised September estimate of $1,567.9 billion (originally $1,555.9 billion):
- Residential. $884.4 billion, +1.2% (±1.3%)* of which
- Home improvement. $340.1 billion, +2.0% (-1.4% YoY);
- Nonresidential. $694.8 billion, +0.1% (±0.8%)*.

Public Construction

Public construction spending was $447.8 billion, 0.2% (±2.0%)* above the revised September estimate of $446.9 billion (originally $438.7 billion):
- Educational. $97.2 billion, +0.4% (±2.3%)*;
- Highway. $132.0 billion, -0.3% (±4.8%)*.

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Click here for a discussion of October’s new residential permits, starts and completions, and here for a discussion of new and existing home sales, inventories and prices.

The foregoing comments represent the general economic views and analysis of Delphi Advisors, and are provided solely for the purpose of information, instruction and discourse. They do not constitute a solicitation or recommendation regarding any investment.

September 2023 Construction Spending

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Construction spending during September 2023 was estimated at a seasonally adjusted annual rate (SAAR) of $1,996.5 billion, 0.4% (±1.2%)* above the revised August estimate of $1,988.3 billion (originally $1,983.5 billion); expectations were for +0.4%. The September figure is 8.7% (±1.8%) above the September 2022 SAAR of $1,836.9 billion; the not-seasonally adjusted YoY comparison (shown in the table below) is +8.4%.

During the first nine months of this year, construction spending amounted to $1,463.5 billion, 4.6% (±1.2%) above the $1,398.9 billion for the same period in 2022.

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Private Construction

Spending on private construction was at a SAAR of $1,555.9 billion, 0.4% (±0.7%)* above the revised August estimate of $1,549.6 billion (originally $1,544.6 billion):
- Residential. $872.0 billion, +0.6% (±1.3%)* of which
- Home improvement. $334.1 billion, +0.2% (-6.0% YoY);
- Nonresidential. $683.9 billion, +0.1% (±0.7%)*.

Public Construction

Public construction spending was $440.6 billion, 0.4% (±2.1%)* above the revised August estimate of $438.7 billion (originally $431.6 billion):
- Educational. $94.4 billion, +1.9% (±2.5%)*;
- Highway. $131.1 billion, -0.2% (±5.3%)*.

* 90% confidence interval includes zero. The U.S. Census Bureau does not have sufficient statistical evidence to conclude that the actual change is different from zero.

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Click here for a discussion of September’s new residential permits, starts and completions, and here for a discussion of new and existing home sales, inventories and prices.

The foregoing comments represent the general economic views and analysis of Delphi Advisors, and are provided solely for the purpose of information, instruction and discourse. They do not constitute a solicitation or recommendation regarding any investment.

August 2023 Construction Spending

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Construction spending during August 2023 was estimated at a seasonally adjusted annual rate (SAAR) of $1,983.5 billion, 0.5% (±1.2%)* above the revised July estimate of $1,973.7 billion (originally $1,972.6 billion); expectations were for +0.5%. The August figure is 7.4% (±1.8%) above the August 2022 SAAR of $1,847.3 billion; the not-seasonally adjusted YoY comparison (shown in the table below) is +6.8%.  

During the first eight months of this year, construction spending amounted to $1,284.7 billion, 4.2% (±1.2%) above the $1,233.4 billion for the same period in 2022.

* 90% confidence interval includes zero. The U.S. Census Bureau does not have sufficient statistical evidence to conclude that the actual change is different from zero.

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Private Construction

Spending on private construction was at a SAAR of $1,551.8 billion, 0.5% (±0.7%)* above the revised July estimate of $1,544.6 billion (originally $1,548.9 billion):
- Residential. $879.9 billion, +0.6% (±1.3%)* of which
- Home improvement. $348.9 billion, -0.7% (-3.5% YoY);
- Nonresidential. $671.9 billion, +0.3% (±0.7%)*.

Public Construction

Public construction spending was $431.6 billion, 0.6% (±2.1%)* above the revised July estimate of $429.1 billion (originally $423.7 billion):
- Educational. $90.6 billion, +0.2% (±3.5%)*;
- Highway. $130.4 billion, +0.4% (±5.1%)*.

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Click here for a discussion of August’s new residential permits, starts and completions, and here for a discussion of new and existing home sales, inventories and prices.

The foregoing comments represent the general economic views and analysis of Delphi Advisors, and are provided solely for the purpose of information, instruction and discourse. They do not constitute a solicitation or recommendation regarding any investment.

July 2023 Construction Spending

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Construction spending during July 2023 was estimated at a seasonally adjusted annual rate (SAAR) of $1,972.6 billion, 0.7% (±0.5%) above the revised June estimate of $1,958.9 billion (originally $1,938.4 billion); expectations were for +0.5%. The July figure is 5.5% (±1.2%) above the July 2022 SAAR of $1,869.3 billion; the not-seasonally adjusted YoY comparison (shown in the table below) is +5.2%.

During the first seven months of this year, construction spending amounted to $1,101.5 billion, 3.7% (±1.0%) above the $1,062.1 billion for the same period in 2022.

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Private Construction

Spending on private construction was at a SAAR of $1,548.9 billion, 1.0% (±0.3%) above the revised June estimate of $1,533.7 billion (originally $1,516.9 billion):
- Residential. $879.0 billion, +1.4% (±1.3%) of which
- Home improvement. $355.7 billion, +0.3% (-1.7% YoY);
- Nonresidential. $670.0 billion, +0.5% (±0.3%).

Public Construction

Public construction spending was $423.7 billion, 0.4% (±1.0%)* below the revised June estimate of $425.2 billion (originally $421.4 billion):
- Educational. $89.8 billion, +0.1% (±1.3%)*;
- Highway. $128.1 billion, -0.6% (±2.1%)*.

* 90% confidence interval includes zero. The U.S. Census Bureau does not have sufficient statistical evidence to conclude that the actual change is different from zero.

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Click here for a discussion of July’s new residential permits, starts and completions, and here for a discussion of new and existing home sales, inventories and prices.

The foregoing comments represent the general economic views and analysis of Delphi Advisors, and are provided solely for the purpose of information, instruction and discourse. They do not constitute a solicitation or recommendation regarding any investment.

June 2023 Construction Spending

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Construction spending during June 2023 was estimated at a seasonally adjusted annual rate (SAAR) of $1,938.4 billion, 0.5% (±0.5%)* above the revised May estimate of $1,929.6 billion (originally $1,925.6 billion); expectations were for +0.6%. The June figure is 3.5% (±1.3%) above the June 2022 SAAR of $1,873.2 billion; the not-seasonally adjusted YoY comparison (shown in the table below) is +3.4%.

During the first six months of this year, construction spending amounted to $917.4 billion, 3.0% (±1.0%) above the $890.4 billion for the same period in 2022.

* 90% confidence interval includes zero. The U.S. Census Bureau does not have sufficient statistical evidence to conclude that the actual change is different from zero.

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Private Construction

Spending on private construction was at a SAAR of $1,516.9 billion, 0.5% (±0.3%) above the revised May estimate of $1,509.4 billion (originally $1,513.2 billion):
- Residential. $856.3 billion, +0.9% (±1.3%)* of which
- Home improvement. $346.1 billion, -0.6% (-4.7% YoY);
- Nonresidential. $660.6 billion, virtually unchanged (±0.3%)*.

Public Construction

Public construction spending was $421.4 billion, 0.3% (±1.0%)* above the revised May estimate of $420.2 billion (originally $412.4 billion):
- Educational. $88.9 billion, -0.1% (±1.5%)*;
- Highway. $128.6 billion, -0.1% (±2.6%)*.

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Click here for a discussion of June’s new residential permits, starts and completions, and here for a discussion of new and existing home sales, inventories and prices.

The foregoing comments represent the general economic views and analysis of Delphi Advisors, and are provided solely for the purpose of information, instruction and discourse. They do not constitute a solicitation or recommendation regarding any investment.

May 2023 Construction Spending

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Construction spending during May 2023 was estimated at a seasonally adjusted annual rate (SAAR) of $1,925.6 billion, 0.9% (±0.5%) above the revised April estimate of $1,909.0 billion (originally $1,885.0 billion); expectations were for +0.5%. The May figure is 2.4% (±1.2%) above the May 2022 SAAR of $1,880.9 billion; the not-seasonally adjusted YoY comparison (shown in the table below) is also +2.4%.

During the first five months of this year, construction spending amounted to $740.8 billion, 2.9% (±1.0%) above the $719.6 billion for the same period in 2022.

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Private Construction

Spending on private construction was at a SAAR of $1,513.2 billion, 1.1% (±0.3%) above the revised April estimate of $1,497.2 billion (originally $1,500.7 billion):
- Residential. $857.4 billion, +2.2% (±1.3%) of which
- Home improvement. $358.4 billion, +3.4% (-1.8% YoY);
- Nonresidential. $655.8 billion, -0.3% (±0.3%)*.

Public Construction

Public construction spending was $412.4 billion, 0.1% (±1.0%)* above the revised April estimate of $411.8 billion (originally $407.7 billion):
- Educational. $87.7 billion, virtually unchanged (±1.5%)*;
- Highway. $124.6 billion, -0.4% (±2.8%)*.

* 90% confidence interval includes zero. The U.S. Census Bureau does not have sufficient statistical evidence to conclude that the actual change is different from zero.

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Click here for a discussion of May’s new residential permits, starts and completions, and here for a discussion of new and existing home sales, inventories and prices.

The foregoing comments represent the general economic views and analysis of Delphi Advisors, and are provided solely for the purpose of information, instruction and discourse. They do not constitute a solicitation or recommendation regarding any investment.

April 2023 Construction Spending

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Construction spending during April 2023 was estimated at a seasonally adjusted annual rate (SAAR) of $1,908.4 billion, 1.2% (±0.7%) above the revised March estimate of $1,885.0 billion (originally $1,834.7 billion); expectations were for +0.2%. The April figure is 7.2% (±1.2%) above the April 2022 SAAR of $1,780.9 billion; the not-seasonally adjusted YoY comparison (shown in the table below) is +6.1%.

During the first four months of this year, construction spending amounted to $566.7 billion, 6.1% (±1.0%) above the $533.9 billion for the same period in 2022.

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Private Construction

Spending on private construction was at a SAAR of $1,500.7 billion, 1.3% (±0.3%) above the revised March estimate of $1,481.6 billion (originally $1,435.1 billion):
- Residential. $845.4 billion, +0.5% (±1.3%)* of which
- Home improvement. $357.5 billion, +1.7% (+0.8% YoY);
- Nonresidential. $655.3 billion, +2.4% (±0.3%).

Public Construction

Public construction spending was $407.7 billion, 1.1% (±1.2%)* above the revised March estimate of $403.4 billion (originally $399.6 billion):
- Educational. $88.3 billion, -0.1% (±1.8%)*;
- Highway. $124.7 billion, +1.3% (±3.5%)*.

* 90% confidence interval includes zero. The U.S. Census Bureau does not have sufficient statistical evidence to conclude that the actual change is different from zero.

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Click here for a discussion of April’s new residential permits, starts and completions, and here for a discussion of new and existing home sales, inventories and prices.

The foregoing comments represent the general economic views and analysis of Delphi Advisors, and are provided solely for the purpose of information, instruction and discourse. They do not constitute a solicitation or recommendation regarding any investment.

March 2023 Construction Spending

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Construction spending during March 2023 was estimated at a seasonally adjusted annual rate (SAAR) of $1,834.7 billion, 0.3% (±0.5%)* above the revised February estimate of $1,829.6 billion (originally $1,844.1 billion); expectations were for +0.1%. The March figure is 3.8% (±1.2%) above the March 2022 SAAR of $1,768.2 billion; the not-seasonally adjusted YoY comparison (shown in the table below) is +3.0%.

During the first three months of this year, construction spending amounted to $403.3 billion, 4.3% (±1.0%) above the $386.7 billion for the same period in 2022.

* 90% confidence interval includes zero. The U.S. Census Bureau does not have sufficient statistical evidence to conclude that the actual change is different from zero.

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Private Construction

Spending on private construction was at a SAAR of $1,435.1 billion, 0.3% (±0.5%)* above the revised February estimate of $1,430.8 billion (originally $1,453.2 billion):
- Residential. $827.7 billion in March, -0.2% (±1.3%)* of which
- Home improvement. $338.1 billion, +0.3% (-4.2% YoY);
- Nonresidential. $607.4 billion, +1.0% (±0.5%).

Public Construction

Public construction spending was $399.6 billion, 0.2% (±1.0%)* above the revised February estimate of $398.8 billion (originally $391.8 billion):
- Educational. $86.9 billion, +0.7% (±1.8%)*;
- Highway. $121.7 billion, -0.1% (±2.6%)*.

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Click here for a discussion of March’s new residential permits, starts and completions, and here for a discussion of new and existing home sales, inventories and prices.

The foregoing comments represent the general economic views and analysis of Delphi Advisors, and are provided solely for the purpose of information, instruction and discourse. They do not constitute a solicitation or recommendation regarding any investment.

February 2023 Construction Spending

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Construction spending during February 2023 was estimated at a seasonally adjusted annual rate (SAAR) of $1,844.1 billion, 0.1% (±0.7%)* below the revised January estimate of $1,845.4 billion (originally $1,825.7 billion); expectations were for 0.0%. The February figure is 5.2% (±1.2%) above the February 2022 SAAR of $1,753.1 billion; the not-seasonally adjusted YoY comparison (shown in the table below) is +5.1%.

During the first two months of this year, construction spending amounted to $260.8 billion, 5.9% (±1.2%) above the $246.1 billion for the same period in 2022.

* 90% confidence interval includes zero. The U.S. Census Bureau does not have sufficient statistical evidence to conclude that the actual change is different from zero.

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Private Construction

Spending on private construction was at a SAAR of $1,453.2 billion, virtually unchanged from (±0.5%)* the revised January estimate of $1,453.6 billion (originally $1,442.6 billion):
- Residential. $852.1 billion, -0.6% (±1.3%)* of which
- Home improvement. $361.0 billion, less than +0.1% (+5.7% YoY);
- Nonresidential. $601.0 billion, +0.7% (±0.5%).

Public Construction

Public construction spending was $391.0 billion, 0.2% (±1.3%)* below the revised January estimate of $391.8 billion (originally $383.1 billion):
- Educational. $84.6 billion, -0.9% (±2.0%)*
- Highway. $120.6 billion, +0.3% (±4.1%)*.

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Click here for a discussion of February’s new residential permits, starts and completions, and here for a discussion of new and existing home sales, inventories and prices.

The foregoing comments represent the general economic views and analysis of Delphi Advisors, and are provided solely for the purpose of information, instruction and discourse. They do not constitute a solicitation or recommendation regarding any investment.

January 2023 Construction Spending

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Construction spending during January 2023 was estimated at a seasonally adjusted annual rate of $1,825.7 billion, 0.1% (±0.7%)* below the revised December estimate of $1,827.5 billion (originally $1,809.8 billion); expectations were for +0.2%. The January figure is 5.7% (±1.2%) above the January 2022 SAAR of $1,726.6 billion; the not-seasonally adjusted YoY comparison (shown in the table below) is +5.0%.

* 90% confidence interval includes zero. The U.S. Census Bureau does not have sufficient statistical evidence to conclude that the actual change is different from zero.

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Private Construction

Spending on private construction was at a SAAR of $1,442.6 billion, virtually unchanged from (±0.5%)* the revised December estimate of $1,442.0 billion (originally $1,427.1 billion):
- Residential. $847.4 billion, -0.6% (±1.3%)* of which
- Home improvement. $351.4 billion, +0.5% (+15.3% YoY);
- Nonresidential. $595.2 billion, +0.9% (±0.5%).

Public Construction

Public construction spending was $383.1 billion, 0.6% (±1.2%)* below the revised December estimate of $385.5 billion (originally $382.7 billion):
- Educational. $84.1 billion, -0.6% (±2.0%)*
- Highway. $117.3 billion, 0.9% (±2.8%)*.

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Click here for a discussion of January’s new residential permits, starts and completions, and here for a discussion of new and existing home sales, inventories and prices.

The foregoing comments represent the general economic views and analysis of Delphi Advisors, and are provided solely for the purpose of information, instruction and discourse. They do not constitute a solicitation or recommendation regarding any investment.

December 2022 Construction Spending

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Construction spending during December 2022 was estimated at a seasonally adjusted annual rate (SAAR) of $1,809.8 billion, 0.4% (± 0.8%)* below the revised November estimate of $1,817.3 billion (originally $1,807.5 billion); expectations were for -0.%. The December figure is 7.7% (±1.2%) above the December 2021 SAAR of $1,681.0 billion; the not-seasonally adjusted YoY comparison (shown in the table below) is +5.6%.

The value of construction in 2022 was $1,792.9 billion, 10.2% (±0.8%) above the $1,626.4 billion spent in 2021.

* 90% confidence interval includes zero. The U.S. Census Bureau does not have sufficient statistical evidence to conclude that the actual change is different from zero.

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Private Construction

Spending on private construction was at a SAAR of $1,427.1 billion, 0.4% (±0.5%)* below the revised November estimate of $1,432.9 billion (originally $1,426.4 billion):
- Residential. $857.2 billion, -0.3% (±1.3%)* of which
- Home improvement. $325.4 billion, +0.6% (+9.6% YoY);
- Nonresidential. $570.0 billion, -0.5% (±0.5%)*.

The value of private construction in 2022 was $1,429.2 billion, 11.7% (±1.0%) above the $1,279.5 billion spent in 2021. Residential construction in 2022 was $899.1 billion, 13.3% (±2.1%) above the 2021 figure of $793.7 billion and nonresidential construction was $530.1 billion, 9.1% (±1.0%) above the $485.8 billion in 2021.

Public Construction

Public construction spending was $382.7 billion, 0.4% (±1.3%)* below the revised November estimate of $384.4 billion (originally $381.1 billion):
- Educational. $84.2 billion, -0.3% (±2.3%)*
- Highway. $117.3 billion, +1.1% (±3.5%)*.

The value of public construction in 2022 was $363.6 billion, 4.8% (±1.3%) above the $347.0 billion spent in 2021. Educational construction in 2022 was $80.2 billion, 2.6% (±2.6%)* below the 2021 figure of $82.3 billion and highway construction was $108.9 billion, 8.6% (±3.5%) above the $100.2 billion in 2021.

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Click here for a discussion of December’s new residential permits, starts and completions, and here for a discussion of new and existing home sales, inventories and prices.

The foregoing comments represent the general economic views and analysis of Delphi Advisors, and are provided solely for the purpose of information, instruction and discourse. They do not constitute a solicitation or recommendation regarding any investment.

November 2022 Construction Spending

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Construction spending during November 2022 was estimated at a seasonally adjusted annual rate (SAAR) of $1,807.5 billion, 0.2% (±0.8%)* above the revised October estimate of $1,803.2 billion (originally $1,794.9 billion); expectations were for -0.4%. The November figure is 8.5% (±1.3%) above the November 2021 SAAR of $1,665.2 billion; the not-seasonally adjusted YoY comparison (shown in the table below) is +6.7%.

During the first 11 months of 2022, construction spending amounted to $1,657.6 billion, 10.5% (±1.0%) above the $1,499.8 billion for the same period in 2021.

* 90% confidence interval includes zero. The U.S. Census Bureau does not have sufficient statistical evidence to conclude that the actual change is different from zero.

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Private Construction

Spending on private construction was at a SAAR of $1,426.4 billion, 0.3% (±0.5%)* above the revised October estimate of $1,421.6 billion (originally $1,420.4 billion):
- Residential. $868.0 billion, -0.5% (±1.3%)* of which
- Home improvement. $363.0 billion, +1.3% (+18.5% YoY);
- Nonresidential. $558.3 billion, +1.7% (±0.5%).

Public Construction

Public construction spending was $381.1 billion, 0.1% (±1.5%)* below the revised October estimate of $381.6 billion (originally $374.6 billion):
- Educational. $81.3 billion, +0.1% (±1.5%)*;
- Highway. $115.0 billion, -1.0% (±3.3%)*.

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Click here for a discussion of November’s new residential permits, starts and completions. Click here for a discussion of new and existing home sales, inventories and prices.

The foregoing comments represent the general economic views and analysis of Delphi Advisors, and are provided solely for the purpose of information, instruction and discourse. They do not constitute a solicitation or recommendation regarding any investment.