Construction spending during January 2010 was estimated at a seasonally adjusted annual rate of $884.1 billion, 0.6% lower than the revised December 2009 estimate of $889.6 billion and 9.3% below the January 2009 estimate of $974.3 billion, according to new Commerce Department figures. (Note these are estimates and subject to change over the next several months.)

Private residential spending increased 1.3% from $257.5 billion in December 2009 to $260.9 billion in January 2010, which in turn was 6.4% lower than January 2009, when spending was estimated at $673.9 billion.

Nonresidential construction declined 1.4% from an estimated $623.4 billion in December 2009 to $615 billion in January 2010, which in turn was 10.6% lower than January 2009, when spending was estimated at $687.9 billion. Private nonresidential construction declined 2.1% from $323.2 billion in December 2009 to $316.4 billion in January 2010. Public nonresidential construction declined 0.6% from $300.3 billion in December 2009 to $298.6 billion in January 2010. While private nonresidential construction spending in January 2010 was estimated at 19.9% lower than the January 2009 rate, public nonresidential construction was up 2% over January 2009.

Craig DiLouie

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