Construction spending fell 0.6% in December 2018 to a seasonally adjusted annual rate of $1,297.7 billion, according to the latest report from the U.S. Census Bureau. November’s estimate was revised up from $1,299.9 billion to $1,300.6 billion. October’s estimate was revised back up from $1,289.7 billion to $1,290.6 billion.
The December estimate for total construction spending is 1.6% higher than a year ago when the December 2017 estimate was $1,272.6 billion. Total construction put in place (CPIP) for 2018 totaled $1,297.7 billion. This is a 4.1% increase over the $1,246.0 billion spent during 2017.