Industry News

Real estate construction spending increases

Annualized rate hit $933 billion in December

The ROI Producing Real Estate Event of the Summer
Reach top decision-makers at Inman Connect

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...