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For Release at 10:00 A.M. EST, Monday, February 2, 2015
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Construction spending during December 2014 was estimated at
$982.1 billion, 0.4 percent (±1.3%)* above the revised November estimate of
$978.6 billion. The December figure is 2.2 percent (±1.6%) above the December
2013 estimate of $961.2 billion
December 2014 CONSTRUCTION AT $982.1 BILLION ANNUAL RATE
The
U.S. Census Bureau of the Department of Commerce announced today that construction
spending during December 2014 was estimated at a
seasonally adjusted annual rate of $982.1 billion, 0.4
percent (±1.3%)* above the revised November estimate of $978.6 billion. The December figure is 2.2
percent (±1.6%) above the December 2013 estimate of $961.2 billion.
The
value of construction in 2014 was $961.4 billion, 5.6
percent (±1.2%) above the $910.8 billion spent in 2013.
PRIVATE CONSTRUCTION
Spending
on private construction was at a seasonally adjusted annual rate of $698.6 billion, 0.1
percent (±1.0%)* above the revised November estimate of $698.2 billion. Residential
construction was at a seasonally adjusted annual rate of $349.6 billion in December, 0.3
percent (±1.3%)* above the revised November estimate of $348.4 billion. Nonresidential
construction was at a seasonally adjusted annual rate of $349.0 billion in December, 0.2
percent (±1.0%)* below the revised November estimate of $349.8 billion.
The
value of private construction in 2014 was $687.0 billion, 7.2 percent (±1.3%) above the $641.1 billion spent in 2013. Residential construction in 2014 was $350.0 billion, 4.1
percent (±2.1%) above the 2013 figure of $336.2 billion and nonresidential
construction was $337.0 billion, 10.5
percent (±1.3%) above the $304.9 billion in 2013.
PUBLIC CONSTRUCTION
In
December, the estimated seasonally
adjusted annual rate of public construction spending was $283.5 billion, 1.1
percent (±2.1%)* above the revised November estimate of $280.4 billion. Educational
construction was at a seasonally adjusted annual rate of $61.5 billion, 0.6
percent (±3.5%)* below the revised November estimate of $61.8 billion. Highway
construction was at a seasonally adjusted annual rate of $90.3 billion, 2.1
percent (±4.9%)* above the revised November estimate of $88.4 billion.
The
value of public construction in 2014 was $274.4 billion, 1.8
percent (±1.8%)* above the $269.6 billion spent in 2013. Educational construction in 2014 was $62.0 billion, 1.2
percent (±3.6%)* above the 2013 figure of $61.3 billion and highway
construction was $84.4 billion, 4.1
percent (±4.4%)* above the $81.1 billion in 2013.
January
2015
data will be released on March
2,
2015
at 10:00 A.M. EST.
For more detailed data and
methodologies, go to our website:
To receive
the latest updates on the Nation’s key economic indicators, download the
America’s Economy app for Apple and Android smartphones and tablets.
EXPLANATORY
NOTES
In interpreting changes in the statistics in this release,
note that month-to-month changes in seasonally adjusted statistics often show
movements which may be irregular. It may take 2 months to establish an
underlying trend for total construction and as long as 8 months for specific
categories of construction. The
statistics in this release are estimated from several sources and surveys and
are subject to sampling variability as well as nonsampling error including bias
and variance from response, nonreporting, and undercoverage. Estimates of the
standard errors are provided in Table 3. Whenever a statement such as "2.3
(±3.1) percent above" appears in the text, this indicates the range (-0.8
to +5.4 percent) in which the actual percent change is likely to have occurred.
All ranges given are 90 percent confidence intervals and account only for
sampling variability. If a range does not contain zero, the change is
statistically significant. If it does contain zero, the change is not
statistically significant; that is, it is uncertain whether there was an
increase or decrease. Statistics for the current month are preliminary
estimates subject to revision in following months as additional data become
available. The average absolute percent changes from preliminary estimate to
first revision for the major seasonally adjusted components are as follows:
total construction, 0.93 percent; private construction, 1.19 percent; and
public construction, 0.95 percent.
* 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.
Value of Construction Put in Place at a Glance - December 2014
December 2014
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Seasonally
Adjusted Annual Rate
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Not
Seasonally Adjusted
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(millions of
dollars)
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(millions of
dollars)
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||||
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Total
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982,089
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76,366
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||||
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Private
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698,551
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55,891
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Residential
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349,564
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26,115
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Nonresidential
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348,987
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29,776
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Public
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283,538
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|
20,475
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State and Local
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259,411
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18,404
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||||
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Federal
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24,127
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2,071
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Source: US Census Bureau
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