PNC economist Abbey Omodunbi


Construction spending fell 0.4% in December from November to a seasonally adjusted annual rate of $1.809 trillion following an upwardly revised 0.5% increase in November, according to the Census Bureau. On a year-ago basis, the total value of construction was up 10.2% in in 2022, following an 8.5% increase in 2021.

Private residential spending slipped 0.3% on the month driven by a 2.3% decline in new single-family construction. Private nonresidential construction declined 0.5% from November. All major components of private nonresidential construction were up on a year-over-year basis except power and religious structures. Total public construction fell 0.4% from November but increased 4.8% from December 2021.

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