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In The News:

2010 Construction Spending 10.3% Below 2009

Construction spending during December 2010 was estimated at a seasonally adjusted annual rate of $787.9 billion, 2.5 percent below the revised November estimate of $807.8 billion, according to the U.S. Census Bureau of the Department of Commerce. The December figure is 6.4 percent below the December 2009 estimate of $841.8 billion.

The value of construction in 2010 was $814.2 billion, 10.3 percent below the $907.8 billion spent in 2009.

Spending on private construction was at a seasonally adjusted annual rate of $486.9 billion, 2.2 percent 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 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 below the revised November estimate of $261.9 billion.

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

In December, the estimated seasonally adjusted annual rate of public construction spending was $301 billion, 2.8 percent 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 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 below the revised November estimate of $86.3 billion.

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

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