Industry News

Real estate construction spending grows at strong clip

Total value topped $1.12 trillion last year

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Private residential construction spending was at a seasonally adjusted annual rate of about $648.9 billion in December, up 8.5 percent from December 2004 and up 1 percent above the revised November estimate, the U.S. Census Bureau and Department of Commerce announced today. Total residential construction spending in 2005 was about $626.1 billion, or 11.1 percent above the 2004 figure. The value of all construction spending in 2005 was about $1.12 trillion, which is 8.9 percent above the amount spent in 2004, the agencies reported. Total private construction spending in 2005 was about $872.7 billion, which is 9.3 percent above the 2004 level, and nonresidential construction spending in 2005 was about $246.6 billion, or 4.9 percent above the 2004 level. And total construction spending during December 2005 was estimated at a seasonally adjusted annual rate of about $1.16 trillion, which is 1 percent above the revised November estimate of about $1.15 trillion and 8.1 percent above the De...