Industry News

Real estate construction spending soars

Annual spend climbs nearly 9% above 2003 level

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Construction put in place spending during December 2004 was estimated at a seasonally adjusted annual rate of $1.03 trillion, approximately 1.1 percent above the revised November estimate of $1.02 trillion, according to the U.S. Commerce Department's Census Bureau. The December figure is approximately 8.7 percent above the December 2003 estimate of $948.9 billion. The value of construction spending in 2004 was $998.4 billion, approximately 9 percent above the $915.7 billion spent in 2003. Spending on private construction was at a seasonally adjusted annual rate of $789 billion, approximately 0.9 percent above the revised November estimate of $782.3 billion. Residential construction was at a seasonally adjusted annual rate of $559.8 billion in December, approximately 0.7 percent above the revised November estimate of $555.8 billion. The value of private construction in 2004 was $764.9 billion, approximately 10.9 percent above the $690.0 billion in 2003. Residential construction...