Industry News

Real estate construction spending increases

Annualized rate hit $933 billion in December

Don't miss the real estate event of the summer
Join 4,000 real estate pros at Connect SF, Aug 7‑11, 2017

Construction spending on housing put in place during December was estimated at a seasonally adjusted annual rate of $933 billion, approximately 0.4 percent above the revised November estimate of $930 billion, according to the U.S. Commerce Department's Census Bureau. The December figure is approximately 7 percent above the December 2002 estimate of $872 billion. The value of construction spending in 2003 was $898 billion, approximately 4.3 percent above the $861 billion spent in 2002. Spending on private construction was at a rate of $712 billion, approximately 0.3 percent above the revised November estimate of $710 billion. Residential construction was at a seasonally adjusted annual rate of $502 billion in December, approximately 0.9 percent above the revised November estimate of $498 billion. The value of private construction in 2003 was $682 billion, approximately 4.8 percent above the $650 billion in 2002. Residential construction in 2003 was $466 billion, approximatel...