December 2021 P.I.P. Construction Spending – Census Bureau

Total value of construction put in place was $1.64T for December 2021. An increase of +9% from December 2020. These figures are not accounting for inflation in material price and represent the total dollar value of put in place spending. Residential construction accounted for ~50% of total construction value, an increase from December 2020 when residential construction accounted for 47% of total construction value. From November 2021 residential construction increased by +1.1% and +14.7% from December 2020.

Private non-residential construction spending rose +9.1% from December 2020 to December 2021. Manufacturing rose +30.4% over the past year with commercial following behind up +18.4%. Construction spending on lodging has not recovered, decreasing -23.3% from December 2020. Spending on religious construction followed behind down -7.5%. From November 2021 spending on lodging has risen +2.1%. Public spending on construction has decreased from last year ~24% of total construction spending to ~21% of total spending. The largest decreases in spending were in Public Safety and Health Care down -35.4% and -13.5% for the year, respectively. Spending on power increased +47.7% from last year.