Construction Spending Declines in December

Residential construction spending in December hit a seasonally adjusted annual rate of $226.4 billion, 4.1 percent below the revised November estimate of $236.1 billion, according to the U.S. Commerce Department. Overall private construction spending in December hit a seasonally adjusted annual rate of $486.9 billion, 2.2 percent below the revised November estimate of $498.0 billion. For all of 2010, the value of residential construction was $241.4 billion, 1.7 percent below the 2009 figure of $245.6 billion; the overall value of private construction in 2010 was $507.3 billion, 14.3 percent below the $592.3 billion spent in 2009.