Value of New Construction Ends 2010 10.3 Percent Below 2009 Levels

Feb. 11, 2011
In one final punch in the gut for 2010 to construction economists and others who track construction statistics, the Department of Commerce said construction spending during Dec. 2010 was estimated at a seasonally adjusted annual rate of $787.9 billion

In one final punch in the gut for 2010 to construction economists and others who track construction statistics, the Department of Commerce said construction spending during Dec. 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. The December figure is 6.4 percent below the Dec. 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.

Private construction. 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 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.

Public construction. 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. The value of public construction in 2010 was $306.8 billion, 2.7 percent below the $315.5 billion spent in 2009.