Analysis
February 3, 2021
CPIP Data Shows Rising Construction in December
Written by David Schollaert
Total construction expenditures rose further in December 2020 to $1,490.4 billion, a 1.0 percent gain on the revised November estimate of $1,475.6 billion, according to the U.S. Census Bureau. Despite a health crisis that marred most of 2020, year on year the figure is 5.7 percent above the December 2019 estimate of $1,410.3 billion.
The report goes on to note that the value of construction in 2020 was $1,429.7 billion, 4.7 percent above the $1,365.1 billion spent in 2019. Even though the economy is still in a rebuilding mode and reeling from the effects of the global pandemic, the construction sectors continue to be a bright spot. Construction accounts for about 45 percent of total U.S. steel consumption. See the end of this report for more background on the Construction Put In Place (CPIP) data used in this analysis.
