US construction spending fell 0.2 percent from a month earlier in December 2019, following an upwardly revised 0.7 percent growth in November and missing market expectations of a 0.5 percent increase. It was the first month of contraction in activity since June, as private construction outlays dropped 0.1 percent due to a fall in spending on nonresidential structures, which includes manufacturing plant and mining exploration, shafts and well, to the lowest level since November 2018. Spending on nonresidential structures also declined, while that on homebuilding increased for a second straight month. Investment in public construction projects was 0.4 percent lower as spending on state and local government construction projects fell, while outlays on federal government construction projects climbed to the highest level since December 2012. For all of 2019, construction spending fell 0.3 percent, the first annual decline since 2011.
Construction Spending in the United States averaged 0.44 percent from 1964 until 2019, reaching an all time high of 5.90 percent in April of 1978 and a record low of -4.80 percent in February of 1975. This page provides the latest reported value for - United States Construction Spending - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.
Construction Spending in the United States is expected to be -0.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Construction Spending in the United States to stand at 0.40 in 12 months time. In the long-term, the United States Construction Spending is projected to trend around 0.40 percent in 2021, according to our econometric models.