Private residential construction increased by about 6% year-over-year but is still below the 2022 peak
Feb. 3, 2025
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Residential construction costs grew at the end of 2024.
Construction spending rose slightly at the close of the year, ending December 2024 at a seasonally adjusted annual rate of $2.19 billion, or about 0.5% above November’s estimate. On a year-over-year basis, this figure is 4.3% higher than the December 2023 estimate, according to the Calculated Risk blog. Private residential construction spending shot up by 6% year-over-year. While this is a higher increase than many non-residential industries experienced, the figure remains 4.2% below its 2022 peak.
Spending on private construction was at a seasonally adjusted annual rate of $1,688.5 billion, 0.9 percent above the revised November estimate of $1,674.1 billion.
In December, the estimated seasonally adjusted annual rate of public construction spending was $503.6 billion, 0.5 percent below the revised November estimate of $506.2 billion.Read more
