Residential construction slips 4.1% in December
Figures released by the U.S. Department of Commerce on Feb. 1 showed continued low levels of construction spending on both residential and non-residential projects during the month of December 2010. Overall spending on private construction fell 2.2% from November, with residential construction slowing at 4.1% and non-residential construction at 0.5%.
In year-end figures, $507.3 billion was spent on private construction in 2010, 14.3% below the $592.3 billion spent in 2009. Residential construction in 2010 was $241.4 billion, 1.7% below the 2009 figure of $245.6 billion. Spending on non-residential construction was $265.9 billion in 2010, 23.3% below the $346.7 billion spent in 2009.