Construction spending during December 2009 was at a seasonally adjusted annual rate of $902.5 billion, 1.2 percent below the revised November estimate of $913.2 billion, according to the Department of Commerce. The December figure is 9.9 percent below the December 2008 estimate of $1,002.1 billion. The value of construction in 2009 was $939.1 billion, 12.4 percent below the $1,072.1 billion spent in 2008.
Private construction. Spending on private construction overall was at a seasonally adjusted annual rate of $593 billion in December, 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.
The value of private construction in 2009 was $621.8 billion, 18.8 percent below the $766.2 billion spent in 2008. Residential construction in 2009 was $252.2 billion, 28 percent below the 2008 figure of $350.1 billion and nonresidential construction was $369.6 billion, 11.2 percent 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 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.