Housing Bubble

Construction spending strong in December

February 03, 2003

Construction put in place during December 2002 was estimated at a seasonally adjusted annual rate of $858.3 billion, 1.2 (±4.9) percent above therevised November estimate of $847.9 billion, according to the U.S. Commerce Department's Census Bureau. The December figure is 2.0 (±4.9)percent above December 2001.

In constant (1996) dollars, the December annual rate was $692.7 billion, 0.7 (±4.8) percent above the revised estimate of $687.7 billion for November.

The value of construction put in place for the year 2002 was $846.2 billion, 0.4 (±1.6) percent above the $842.5 billion put in place in 2001. In constant (1996) dollars, the value in 2002 was $692.8 billion, 1.7 percent below the 2001 figure of $704.7 billion.

Private construction

Spending on new residential housing units was at a seasonally adjusted annual rate of $314.4 billion in December, 3.2 percent above the revised November estimate of $304.7 billion. Nonresidential building construction was at a rate of $158.6 billion, 1.9 (±3.1) percent below the revised November estimate of $161.7 billion.

The value of new residential housing units put in place in 2002 was $297.0 billion, 6.1 percent above the $279.8 billion in 2001. Nonresidential building construction in 2002 was $168.1 billion, 16.4 percent below the 2001 figure of $201.1 billion.

Public construction

In December, the estimated seasonally adjusted annual rate of public construction put in place was $210.5 billion, 1.0 (±4.8) percent above the revised November estimate of $208.5 billion.

Public construction in 2002 was $204.4 billion, 6.2 percent above the $192.5 billion for 2001.

Source: www.census.gov