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ECONOMIC PULSE:
Construction Spending Weakness Continues

Wednesday, March 3, 2010

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Construction spending in January edged down 0.6% from the estimated December figure, to a seasonally adjusted annual rate of $884.1 billion, the Commerce Department reported.  The January estimate is 9.3% below the figure for January 2009. Construction spending has declined in the last three months, according to Commerce Department estimates.

All residential construction in January managed a gain of 1.1% from December, but was 6.0% below the level of January 2009.   All nonresidential spending declined 1.4% from December, and was 10.6% off the pace of January 2009.

Construction spending in industry segments remained sluggish in January, with slight gains from December reported for the amusement and recreation, power, and highway and street categories. Most spending declines were slight, with the sharpest drop reported for the lodging segment, at 9.8%.

Compared to January 2009, spending increases were reported for transportation (10.8%), power (14.2%), highway and street (5.6%), and conservation and development (31.1%).  A decline of 45.5% was reported for the lodging segment, and spending was also considerably lower than January 2009 for office (25%), commercial (32%), and manufacturing (28.5%).

Spending on private construction dipped 0.6% in January from December, to a seasonally adjusted annual rate of $577.3 billion, and was 14.3% off the pace of January 2009. Private residential spending edged up 1.3% from December, but was 6.4% below the level of January 2009. Private nonresidential construction spending was 2.1% below December’s estimated annual rate, and was 19.9% lower than the estimate for January 2009.

Public construction spending edged down 07% from December, to a seasonally adjusted annual rate of $306.0 billion, but was up 2.1% from January of 2009. Public residential construction was down 3.9% from December, but was up 9% from January 2009. Public nonresidential construction edged down 0.6% from December, but was 2.0% above the rate of January 2009.

   

Tagged categories: Construction; Economy

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