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2015 Construction Spending Reached 8-Year High

hamilton-zanze February 08, 2016

Construction spending reached $1.097 trillion in 2015, a 10.5% increase over 2014 and the highest total since 2007’s peak of $1.148 trillion.

The bulk of last year’s overhead originated in the private sector, primarily new homes and apartments. Nonresidential production, mainly commercial buildings, private schools, and lodging, also finished 12% higher than 2015 at $389.3 billion. Although smaller than the private sector surge, public construction spending also increased, growing 5.6% to $291.2 billion.