Annual Value of Construction Put In Place Tops $1 Trillion For First Time Since 2008

Great News! As we predicted for most of last year, total value of construction put in place (CPIP) for 2015 was $1,097.3 billion, surpassing the $1 trillion mark for the first time since 2008 when it hit $1,077.4 billion. This is a 10.5% increase over the 2014 CPIP which was $993.4 billion.

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Based on the latest release from the U.S. Census Bureau, December’s seasonally adjusted annual of construction spending was $1,116.6 billion. This is 0.1% higher than November’s annual rate which has been revised down from $1,122.5 billion to $1,116.0 billion. October’s annual rate was also revised down from $1,127.0 billion to $1,122.7 billion. The annual rate of spending did slow a bit near the end of the year so it was good to see a slight uptick in December. December’s estimate was also 8.2% higher than the $1,031.6 billion from December 2014.

The seasonally adjusted rate for private construction spending dropped 0.6% to $824.0 billion from November’s revised estimate of $828.8 billion, which was up slightly from the preliminary estimate of $828.2 billion. October’s figure was revised down from $829.7 billion to $828.5 billion.

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The rate of public construction spending was at $292.5 billion in December. This is 1.9% above November’s rate which was revised down from $294.3 billion to $287.1 billion. October’s figure was revised down this month to 294.3 billion, the previously revised estimate was $297.3 billion.

The annual value of private CPIP for 2015 was 806.1 billion and total public CPIP was at $291.2 billion. Residential CPIP for 2015 was $423.4 billion and nonresidential CPIP was $674.1 billion. Total construction, total private and total public spending all increased in 2015 as did residential and nonresidential spending.

Annual Value of CPIP

(in billions)

2015 2014
Total Construction $1,097.3 $993.4
Total Residential $423.4 $375.1
Total Nonresidential $674.1 $618.3
Total Private $806.1 $717.7
Private Residential $416.8 $370.0
Private Nonresidential $389.3 $347.7
Total Public $291.2 $275.7

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