Industry News

Residential construction spending drops 2% in ’06

Schools, highways benefit from increased funding

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The estimated total value of construction spending in 2006 was $1.2 trillion, which is about 4.8 percent higher than construction spending in 2005, the U.S. Census Bureau announced today. Private residential construction spending in 2006 was $630.3 billion, which is 1.9 percent below the 2005 level. Private nonresidential construction spending was $298.4 billion in 2006, up 16.2 percent compared to 2005. In December 2006, construction spending was estimated at a seasonally adjusted annual rate of $1.18 trillion, which is about 0.4 percent below the revised November estimate and about 1.4 percent below the December 2005 estimate. The seasonally adjusted annual rate is a projection of a monthly total over a 12-month period, adjusted for seasonal fluctuations in construction activity. Spending on private construction in December was at a seasonally adjusted annual rate of about $896.8 billion, or 0.8 percent below the revised November estimate and 4.6 percent below the December 2005...