Construction Spending – December 2008

Construction Spending At a Glance

• Total Construction Spending: $1,053.7 billion
• Monthly Change: Down 1.4%
• Year-to-year Change: Down 3.6%
• Private Residential Spending: $319.2 billion
• Monthly Change: Down 3.2%
• Private Non-residential: $417.9 billion
• Monthly Change: Down 0.4%

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DECEMBER 2008 CONSTRUCTION AT $1,053.7 BILLION ANNUAL RATE
The U.S. Census Bureau of the Department of Commerce announced today that construction spending during December 2008
was estimated at a seasonally adjusted annual rate of $1,053.7 billion, 1.4 percent (±1.3%) below the revised November
estimate of $1,068.8 billion. The December figure is 3.6 percent (±1.9%) below the December 2007 estimate of $1,093.5
billion.
The value of construction in 2008 was $1,078.9 billion, 5.1 percent (±1.3%) 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 percent (±1.1%) below the
revised November estimate of $749.6 billion. Residential construction was at a seasonally adjusted annual rate of $319.2 billion
in December, 3.2 percent (±1.3%) below the revised November estimate of $329.9 billion. Nonresidential construction was at a
seasonally adjusted annual rate of $417.9 billion in December, 0.4 percent (±1.1%)* below the revised November estimate of
$419.7 billion.
The value of private construction in 2008 was $770.4 billion, 9.4 percent (±1.8%) below the $850.0 billion spent in 2007.
Residential construction in 2008 was $358.4 billion, 27.2 percent (±2.2%) below the 2007 figure of $492.5 billion and
nonresidential construction was $412.0 billion, 15.3 percent (±1.8%) 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 percent
(±2.1%)* below the revised November estimate of $319.3 billion. Educational construction was at a seasonally adjusted annual
rate of $86.2 billion, 0.9 percent (±2.9%)* below the revised November estimate of $87.0 billion. Highway construction was at
a seasonally adjusted annual rate of $82.1 billion, 2.4 percent (±5.4%)* below the revised November estimate of $84.2 billion.
The value of public construction in 2008 was $308.5 billion, 7.4 percent (±1.8%) above the $287.1 billion spent in 2007.
Educational construction in 2008 was $85.5 billion, 7.9 percent (±3.5%) above the 2007 figure of $79.3 billion and highway
construction was $80.5 billion, 6.5 percent (±3.8%) above the $75.6 billion in 2007.

Construction Spending – December 2008 [PDF]

Source: Commerce Department, Census Bureau