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Construction Spending Lowest in a Decade


The U.S. Census Bureau of the Department of Commerce reported that construction spending during December 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 December 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. That is the lowest level of construction spending in a decade.

In December, the estimated seasonally adjusted annual rate of public construction spending was $301.0 billion, 2.8 percent below the revised November estimate of $309.8 billion. Educational construction was at a seasonally adjusted annual rate of $68.2 billion, 3.7 percent below the revised November estimate of $70.8 billion. Highway construction was at a seasonally adjusted annual rate of $84.9 billion, 1.6 percent below the revised November estimate of $86.3 billion.

The value of public construction in 2010 was $306.8 billion, 2.7 percent below the $315.5 billion spent in 2009. Educational construction in 2010 was $74.4 billion, 13.6 percent below the 2009 figure of $86.1 billion and highway construction was $83.3 billion, 1.7 percent above the $81.9 billion in 2009.