Construction Put-in-Place, (CPIP): Total U.S. construction spending continued to perform well in December 2023, especially in the private sector. Census Bureau non-seasonally adjusted (NSA), constant dollar CPIP data showed that December’s three month total (3MT) construction expenditures grew by 13.5% year on year (y/y) to 331.0 billion. On a 12MT basis, private expenditures increased by 1.2% y/y.

Please note: We have adjusted our methodology to account for inflation (2017$)

Total Construction: Table 1 presents CPIP data for total construction for both 3-month total and 12-month total y/y metrics. Momentum, defined as 3MT minus 12MT, is also shown. Momentum provides market direction with green indicating stronger activity and red indicating slowing activity. Private construction accounted for 77.6% of the total three months’ expenditures ending in December, while public spending accounted for 22.4%. The private sector posted 11.5% growth for 3MT y/y and 1.2% growth for 12MT y/y, resulting in a 10.2% increase in momentum for the month of December.