December New Construction Down 12.3%

December New Construction Down 12.3%

February 1, 2008 0 Comments

(February 2, 2008) – The U.S. Census Bureau of the Department of Commerce announced today in its December 2007 Construction Report that construction spending during December 2007 was estimated at a seasonally adjusted annual rate of $1,140.2 billion, 1.1 percent (±1.3%)* below the revised November estimate of $1,153.0 billion. The December figure is 2.3 percent (±1.9%) below the December 2006 estimate of $1,167.3 billion. The value of construction spending in 2007 was $1,161.3 billion, 2.6 percent (±1.4%) below the $1,192.2 billion spent in 2006.

Spending on private construction was at a seasonally adjusted annual rate of $842.4 billion, 1.0 percent (±1.6%)* below the
revised November estimate of $850.8 billion. Residential construction was at a seasonally adjusted annual rate of $462.0 billion
in December, 2.8 percent (±1.3%) below the revised November estimate of $475.1 billion. Nonresidential construction was at a
seasonally adjusted annual rate of $380.4 billion in December, 1.3 percent (±1.6%)* above the revised November estimate of
$375.6 billion.

The value of private construction in 2007 was $874.0 billion, 6.7 percent (±1.4%) below the $937.0 billion spent in 2006.
Residential construction in 2007 was $524.1 billion, 18.3 percent (±1.8%) below the 2006 figure of $641.3 billion and
nonresidential construction was $349.8 billion, 18.3 percent (±1.4%) above the $295.7 billion in 2006.

JR

John Rutledge

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