The US Census Bureau of the Department of Commerce announced Friday that construction spending during December 2012 was estimated at a seasonally adjusted annual rate of $885 billion, 0.9 percent above the revised November estimate of $876.9 billion. The December figure is 7.8 percent above the December 2011 estimate of $820.6 billion. The value of construction in 2012 was $850.2 billion, 9.2 percent above the $778.2 billion spent in 2011.

Spending on private construction was at a seasonally adjusted annual rate of $614.9 billion, 2 percent above the revised November estimate of $602.9 billion. Residential construction was at a seasonally adjusted annual rate of $308.2 billion in December, 2.2 percent above the revised November estimate of $301.7 billion. Nonresidential construction was at a seasonally adjusted annual rate of $306.7 billion in December, 1.8 percent above the revised November estimate of $301.2 billion. The value of private construction in 2012 was $574.6 billion, 16.1 percent above the $495 billion spent in 2011. Residential construction in 2012 was $276.8 billion, 16.8 percent above the 2011 figure of $237.0 billion and nonresidential construction was $297.7 billion, 15.4 percent above the $258.0 billion in 2011.

In December, the estimated seasonally adjusted annual rate of public construction spending was $270.1 billion, 1.4 percent below the revised November estimate of $274.1 billion. The value of public construction in 2012 was $275.6 billion, 2.7 percent below the $283.3 billion spent in 2011.