U.S. private construction put in place 1999-2019
The statistic reflects the total value of new private construction put in place in the United States between 1999 and 2019. Here, the total value of new private construction put in place came to around 975 billion U.S. dollars in 2019.
Value of new private construction put in place
The private sector construction spending experienced a positive trend from 2010 when the value of new private construction put in place came to a little over 500 billion U.S. dollars, but decreased slightly in 2019. The sector can be divided into non-residential and residential construction. Non-residential construction was valued at around 452.7 billion U.S. dollars in 2018. In the same year, the value of new private residential buildings put in place came to around 539.8 billion U.S. dollars, the highest value since the 2008 subprime mortgage crisis shocked the U.S. housing market. In light of historically low mortgage rates - the 15-year fixed-rate dropped to about 3.2 percent in 2019 — the US housing market seems to be on the path to recovery throughout the nation.
The increase in value of new private construction put in place also translated into higher property prices, which were back to pre-crisis levels by 2012. In addition, the national Case-Shiller Home Price Index grew from around 128 points in 2011 to about 205 points in 2018. However, the positive signs are more obvious in some parts of the country than others and are often highly region-dependent.
Value of new private construction put in place
The private sector construction spending experienced a positive trend from 2010 when the value of new private construction put in place came to a little over 500 billion U.S. dollars, but decreased slightly in 2019. The sector can be divided into non-residential and residential construction. Non-residential construction was valued at around 452.7 billion U.S. dollars in 2018. In the same year, the value of new private residential buildings put in place came to around 539.8 billion U.S. dollars, the highest value since the 2008 subprime mortgage crisis shocked the U.S. housing market. In light of historically low mortgage rates - the 15-year fixed-rate dropped to about 3.2 percent in 2019 — the US housing market seems to be on the path to recovery throughout the nation.
The increase in value of new private construction put in place also translated into higher property prices, which were back to pre-crisis levels by 2012. In addition, the national Case-Shiller Home Price Index grew from around 128 points in 2011 to about 205 points in 2018. However, the positive signs are more obvious in some parts of the country than others and are often highly region-dependent.
