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In The News:

Construction Spending in 2008 Down 5.1%

Construction spending in December 2008 was estimated at a seasonally adjusted annual rate of $1,053.7 billion, 1.4% below November. December was 3.6% below December 2007.
 
The value of construction in 2008 was $1,078.9 billion, 5.1% below the $1,137.2 billion spent in 2007.
 
Private Construction
Spending on private construction was at a seasonally adjusted annual rate of $737.1 billion, 1.7% below November. Residential construction was at a seasonally adjusted annual rate of $319.2 billion in December, 3.2% below the November. Nonresidential construction was at a seasonally adjusted annual rate of $417.9 billion in December, 0.4% below November.
 
The value of private construction in 2008 was $770.4 billion, 9.4% below the $850 billion spent in 2007. Residential construction in 2008 was $358.4 billion, 27.2% below the 2007 figure of $492.5 billion and nonresidential construction was $412.0 billion, 15.3% above the $357.5 billion in 2007.
 
Public Construction
In December, the estimated seasonally adjusted annual rate of public construction spending was $316.6 billion, 0.8% below the revised November estimate of $319.3 billion. Educational construction was at a seasonally adjusted annual rate of $86.2 billion, 0.9% below the revised November estimate of $87.0 billion. Highway construction was at a seasonally adjusted annual rate of $82.1 billion, 2.4% below the revised November estimate of $84.2 billion.
 
The value of public construction in 2008 was $308.5 billion, 7.4% above the $287.1 billion spent in 2007. Educational construction in 2008 was $85.5 billion, 7.9% above the 2007 figure of $79.3 billion and highway construction was $80.5 billion, 6.5% above the $75.6 billion in 2007.

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