The following is the unedited transcript of the news release from the Department of Commerce.


The U.S. Census Bureau of the Department of Commerce announced today that construction spending during December 2007 was estimated at a seasonally adjusted annual rate of $1,140.2 billion, 1.1 percent (±1.3%) below the revised November estimate of $1,153.0 billion. The December figure is 2.3 percent (±1.9%) below the December 2006 estimate of $1,167.3 billion. The value of construction spending in 2007 was $1,161.3 billion, 2.6 percent (±1.4%) below the $1,192.2 billion spent in 2006.

PRIVATE CONSTRUCTION

Spending on private construction was at a seasonally adjusted annual rate of $842.4 billion, 1.0 percent (±1.6%)* below the revised November estimate of $850.8 billion. Residential construction was at a seasonally adjusted annual rate of $462.0 billion in December, 2.8 percent (±1.3%) below the revised November estimate of $475.1 billion. Nonresidential construction was at a seasonally adjusted annual rate of $380.4 billion in December, 1.3 percent (±1.6%)* above the revised November estimate of $375.6 billion.

The value of private construction in 2007 was $874.0 billion, 6.7 percent (±1.4%) below the $937.0 billion spent in 2006. Residential construction in 2007 was $524.1 billion, 18.3 percent (±1.8%) below the 2006 figure of $641.3 billion and nonresidential construction was $349.8 billion, 18.3 percent (±1.4%) above the $295.7 billion in 2006.

PUBLIC CONSTRUCTION

In December, the estimated seasonally adjusted annual rate of public construction spending was $297.8 billion, 1.5 percent (±1.8%)* below the revised November estimate of $302.3 billion. Educational construction was at a seasonally adjusted annual rate of $86.2 billion, 1.3 percent (±3.0%)* below the revised November estimate of $87.3 billion. Highway construction was at a seasonally adjusted annual rate of $78.5 billion, 2.1 percent (±4.3%)* below the revised November estimate of $80.2 billion.

The value of public construction in 2007 was $287.4 billion, 12.6 percent (±1.1%) above the $255.2 billion spent in 2006. Educational construction in 2007 was $81.8 billion, 13.3 percent (±2.4%) above the 2006 figure of $72.2 billion and highway construction was $76.7 billion, 7.3 percent (± 2.4%) above the $71.5 billion in 2006.


Available at:

http://www.census.gov/const/C30/release.pdf