Public and privately funded construction spending
ended 2020 with a 4.7 percent increase over spending in 2019. The U.S. Census
Bureau said the combined outlays for the recent year was $1.430 trillion
compared to 1.365 trillion the prior year. Residential spending, which
increased significantly on a percentage basis in the public sector although the
dollar amount remained relatively small, was an aggregate of $616.169 billion
for the year, an 11.8 percent increase from 2019. During the last month of the year, total
construction spending was at a seasonally adjusted annual rate of $1.490
trillion. This was a 1.0 percent gain from November and 5.7 percent higher than
the same month in 2019. On a non-adjusted basis $112.706 billion in
construction was put in place compared to $124.760 billion in November.

 

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