Single-Family Construction Spending Rose by One-Third Last Year

Single-Family Construction Spending Rose by One-Third Last Year

Construction spending totaled $1.599 trillion in 2021, an increase of 8.2 percent from the $1.470 trillion spent in 2020. Residential spending, both public and private, was the only sector to post a double digit increase at 22.9 percent, while several categories saw spending plummet. Construction categorized as public safety took the worst hit , down 33.0 percent year-over-year, and office construction fell by 32.0 percent. Conservation and development projects and religious construction declined by 14.9 percent and 12.5 percent, respectively. The U.S. Census Bureau said spending for all types of construction during December was at a seasonally adjusted annual rate of $1.640 trillion, a 0.2 percent increase from November and up 9.0 percent from the prior December. On a non-adjuste