Spending on private construction in 2016 was $876.3 billion, a 6.4 percent increase versus the $823.5 billion spent in 2015, according to the U.S. Census Bureau.
Residential construction spending in 2016 totaled $456.2 billion, a 5.2 percent increase compared with the $433.7 billion spent in 2015. Nonresidential construction spending was $420.1 billion, 7.8 percent higher than the $389.9 billion spent in 2015.
In December, private construction spending was at a seasonally adjusted annual rate of $897.0 billion, 0.2 percent higher than the November rate of $894.8 billion. Residential construction was at a rate of $466.9 billion, 0.5 percent above the November rate of $464.8 billion. Nonresidential construction was at a rate of $430.1 billion, unchanged from the November rate.
