Construction Spending Down
Construction spending declined 1.2% in December, according to data released today by the Commerce Department.
In December, spending was at a seasonally adjusted annual rate of $902.5 billion, and represented a 9.9% decline from December 2008.
During 2009, construction spending totaled $939.1 billion, 12.1% less than in 2008.
Private construction fell 1.2% in December to an adjusted annual rate of $593 billion. Public construction fell 1.2% to $309.6 billion.