U.S. Annual Construction Spend Rate Dips to $787.9 Billion in December; Down 6.4% Year-Over-Year

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According to the U.S. Census Bureau of the Department of Commerce, U.S. construction spending during December 2010 was estimated at a seasonally adjusted annual rate of $787.9 billion, 2.5 percent (±1.3%) below the revised November estimate of $807.8 billion. The December figure is 6.4 percent (±1.6%) below the December 2009 estimate of $841.8 billion.

The value of construction in 2010 was $814.2 billion, 10.3 percent (±1.0%) below the $907.8 billion spent in 2009.

PRIVATE CONSTRUCTION

Spending on private construction was at a seasonally adjusted annual rate of $486.9 billion, 2.2 percent (±1.1%) below the revised November estimate of $498.0 billion. Residential construction was at a seasonally adjusted annual rate of $226.4 billion in December, 4.1 percent (±1.3%) below the revised November estimate of $236.1 billion. Nonresidential construction was at a seasonally adjusted annual rate of $260.5 billion in December, 0.5 percent (±1.1%) below the revised November estimate of $261.9 billion.

The value of private construction in 2010 was $507.3 billion, 14.3 percent (±1.0%) below the $592.3 billion spent in 2009. Residential construction in 2010 was $241.4 billion, 1.7 percent (±2.1%) below the 2009 figure of $245.6 billion and nonresidential construction was $265.9 billion, 23.3 percent (±1.0%) below the $346.7 billion in 2009.

PUBLIC CONSTRUCTION

In December, the estimated seasonally adjusted annual rate of public construction spending was $301.0 billion, 2.8 percent (±1.8%) below the revised November estimate of $309.8 billion. Educational construction was at a seasonally adjusted annual rate of $68.2 billion, 3.7 percent (±2.9%) below the revised November estimate of $70.8 billion. Highway construction was at a seasonally adjusted annual rate of $84.9 billion, 1.6 percent (±4.2%) below the revised November estimate of $86.3 billion.

The value of public construction in 2010 was $306.8 billion, 2.7 percent (±1.4%) below the $315.5 billion spent in 2009. Educational construction in 2010 was $74.4 billion, 13.6 percent (±2.7%) below the 2009 figure of $86.1 billion and highway construction was $83.3 billion, 1.7 percent (±3.5%) above the $81.9 billion in 2009.

 

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