Construction spending up 4.7% in 2020

By Jenny LescohierFebruary 08, 2021

The U.S. Census Bureau released its monthly construction spending report of put in place construction statistics for December 2020, showing a 5.7% increase over the same period last year.

The overall value of construction in 2020 was $1,429.7 billion, 4.7% above the $1,365.1 billion spent in 2019, thanks mostly to the strength of residential construction, which jumped 11.6% year over year despite challenges presented by the Covid-19 pandemic. Statistics showed its value at $607.6 billion in 2020, compared to $544.4 billion in 2019.

Total construction spending during December 2020 was estimated at a seasonally adjusted annual rate of $1,490.4 billion, 1.0% above the revised November estimate of $1,475.6 billion.

Nonresidential construction was $471.7 billion in 2020, 3.0% below the $486.3 billion in 2019. The value of all private construction in 2020 was $1,079.3 billion, 4.7% above the $1,030.7 billion spent in 2019. 

Spending on all private construction in December was at a seasonally adjusted annual rate of $1,137.6 billion, 1.2% above the revised November estimate of $1,124.4 billion. Residential construction jumped 3.1% in December, with a seasonally adjusted annual rate of $691.0 billion, compared to the revised November estimate of $670.1 billion.

Nonresidential construction was at a seasonally adjusted annual rate of $446.6 billion in December, 1.7% below the revised November estimate of $454.4 billion.

The value of public construction in 2020 was $350.5 billion, 4.8% above the $334.4 billion spent in 2019. Educational construction in 2020 was $87.3 billion, 3.6% above the 2019 figure of $84.3 billion, and highway construction was $98.8 billion, 1.8%* above the $97.1 billion in 2019.

In December, the estimated seasonally adjusted annual rate of public construction spending was $352.8 billion, 0.5%* above the revised November estimate of $351.1 billion. Educational construction was at a seasonally adjusted annual rate of $90.2 billion, 0.6%* above the revised November estimate of $89.7 billion. Highway construction was at a seasonally adjusted annual rate of $98.4 billion, 0.9%* above the revised November estimate of $97.5 billion.

* The 90% confidence interval includes zero. There is insufficient evidence to conclude that the actual change is different from zero.

MORE ARTICLES FROM CONEXPO-CON/AGG 365 NEWS
Topcon’s MC-Mobile brings machine control to compact machines
New portable solution gives compact track loaders and mini excavators the precision of traditional machine control typically geared to heavy machines
Hilti rolls out Nuron cordless battery platform with over 60 new tools
North America gets dibs on the 22V technology that allows cordless tools to do the work that once required gas-powered or higher voltage battery systems
Doosan’s new DX50Z-7 mini excavator teases new line
Doosan shows off one of a new line of mini excavators available for the first time in North America, featuring bigger cabs, greater visibility and the ability to use complex attachments