Construction Spending Declines 1.2 Percent in December

02/04/2010

Construction spending in the U.S. fell 1.2 percent to a seasonally adjusted annual rate of $902.5 billion, according to data released this week by the U.S. Census Bureau.

PRIVATE CONSTRUCTION
Spending on private construction was at a seasonally adjusted annual rate of $593.0 billion, 1.2 percent 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 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 above the revised November estimate of $331.8 billion.

PUBLIC CONSTRUCTION
In December, the estimated seasonally adjusted annual rate of public construction spending was $309.6 billion, 1.2 percent 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 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 below the revised November estimate of $85.7 billion.