Home construction down in December

Total construction spending drops 12.4% in 2009

Get smarter. Grow your referral network at Inman Connect San Francisco
Limited seating still available, July 17-20

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.