2023 Construction Spending Soars 7.0% Over 2022

The value of U.S. construction in 2023 was $1,978.7 billion, 7.0% above the $1,848.7 billion spent in 2022, according to the U.S. Census Bureau.

U.S. construction spending in December 2023 was estimated at a seasonally adjusted annual rate of $2,096.0 billion, 0.9% above the revised November estimate of $2,078.3 billion. The December figure is 13.9% above the December 2022 estimate of $1,840.9 billion.

Spending on private construction was at a seasonally adjusted annual rate of $1,619.7 billion, 0.7% above the revised November estimate. Residential construction was at a seasonally adjusted annual rate of $911.7 billion, 1.4% above the revised November estimate of $898.8 billion, while nonresidential construction was at a seasonally adjusted annual rate of $708.0 billion in December, 0.2% below the revised November estimate of $709.2 billion.

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