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Home construction down in December

Total construction spending drops 12.4% in 2009

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The rate of U.S. home construction spending nationwide fell year-over-year and month-to-month in December, according to a report released today by the U.S. Census Bureau of the Department of Commerce. Spending for December dropped to a seasonally adjusted annual rate of $268.7 billion, a 2.7 percent drop from $276.2 billion the month before, and a 10.3 percent drop from $299.4 billion in December 2008. This rate is a projection of a monthly spending total over a 12-month period, adjusted to reflect typical seasonal fluctuations in construction activity. Residential construction spending made up 30 percent of the nation's total construction spending for the month. At $8.3 billion, public residential construction spending rose 1.1 percent month-to-month, and 16.5 percent year-over year. Dips in private residential construction spending outweighed those gains, however, with a 2.8 percent drop month-to-month and a 10.9 percent drop from the same period the year before. Private spending e...