The value of construction put-in-place declined 0.6% (+0.8% y/y) during December. It reversed an unrevised 0.8% November gain. A 0.2% rise had been expected in the Action Economics Forecast Survey. During all of 2018, construction's value rose 4.1%, the weakest increase since a 2011 decline.

The value of private construction activity also fell 0.6% at yearend and was little changed y/y. The decline was the first in three months and was led by a 1.4% drop (-3.5% y/y) in the value of residential building, the fourth decline in five months. Single-family construction dropped 3.2% (-5.2% y/y), the largest of seven consecutive months of decline. The value of improvements eased 0.4% (-3.9% y/y) after strengthening 12.7% in November. Multi-family construction rose another 3.1% (5.3% y/y) after three months of strong increase. Nonresidential building activity improved 0.4% (3.8% y/y) after a 1.1% decline. Office construction was unchanged (8.2% y/y) and commercial construction fell 1.0% (-4.5 y/y). Factory sector building rose 1.7% (6.6% y/y).

The value of public construction eased 0.6% (+4.2% y/y). The 6.6% rise during all of last year was the strongest in ten years. Highway & street construction, which accounts for roughly one-third of public sector spending, declined 0.9% (+0.5% y/y), the fifth decline in six months. Office building increased 6.4% (13.7% y/y) and commercial construction improved 6.1%, up by roughly one-third y/y. Educational facility construction held steady (8.7% y/y).

The construction spending figures, some of which date back to 1946, are in Haver's USECON database. The expectations reading can be found in the AS1REPNA database.