US Government Reports December Construction Spending Dips Slightly to $902.5 Billion Annual Rate

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(WASHINGTON, DC) -- The U.S. Census Bureau of the Department of Commerce announced today that construction spending during December 2009 was estimated at a seasonally adjusted annual rate of $902.5 billion, 1.2 percent (±1.3%) below the revised November estimate of $913.2 billion. The December figure is 9.9 percent (±1.4%) below the December 2008 estimate of $1,002.1 billion.

The value of construction in 2009 was $939.1 billion, 12.4 percent (±1.1%) below the $1,072.1 billion spent in 2008.

PRIVATE CONSTRUCTION

Spending on private construction was at a seasonally adjusted annual rate of $593.0 billion, 1.2 percent (±1.1%) below the revised November estimate of $599.9 billion. Residential construction was at a seasonally adjusted annual rate of $260.4 billion in December, 2.8 percent (±1.3%) below the revised November estimate of $268.1 billion. Nonresidential construction was at a seasonally adjusted annual rate of $332.5 billion in December, 0.2 percent (±1.1%)* above the revised November estimate of $331.8 billion.

The value of private construction in 2009 was $621.8 billion, 18.8 percent (±1.3%) below the $766.2 billion spent in 2008. Residential construction in 2009 was $252.2 billion, 28.0 percent (±2.1%) below the 2008 figure of $350.1 billion and nonresidential construction was $369.6 billion, 11.2 percent (±1.3%) below the $416.1 billion in 2008.

PUBLIC CONSTRUCTION

In December, the estimated seasonally adjusted annual rate of public construction spending was $309.6 billion, 1.2 percent (±1.9%) below the revised November estimate of $313.3 billion. Educational construction was at a seasonally adjusted annual rate of $80.3 billion, 0.4 percent (±2.9%) below the revised November estimate of $80.6 billion. Highway construction was at a seasonally adjusted annual rate of $83.7 billion, 2.3 percent (±4.8%) below the revised November estimate of $85.7 billion.

The value of public construction in 2009 was $317.3 billion, 3.7 percent (±1.6%) above the $306.0 billion spent in 2008. Educational construction in 2009 was $86.3 billion, 0.9 percent (±3.2%) above the 2008 figure of $85.5 billion and highway construction was $84.6 billion, 3.7 percent (±3.5%) above the $81.6 billion in 2008.

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