The U.S. Census Bureau of the Department of Commerce announced that construction spending during December 2008 was estimated at a seasonally adjusted annual rate of $1,053.7 billion, 1.4 percent (????????1.3%) below the revised November estimate of $1,068.8 billion. The December figure is 3.6 percent (????????1.9%) below the December 2007 estimate of $1,093.5 billion. The value of construction in 2008 was $1,078.9 billion, 5.1 percent (????????1.3%) below the $1,137.2 billion spent in 2007. With construction figures down, it may be a good time to expand your maintenance business.

Spending on private construction was at a seasonally adjusted annual rate of $737.1 billion, 1.7 percent (????????1.1%) below the revised November estimate of $749.6 billion. Residential construction was at a seasonally adjusted annual rate of $319.2 billion in December, 3.2 percent (????????1.3%) below the revised November estimate of $329.9 billion. Nonresidential construction was at a seasonally adjusted annual rate of $417.9 billion in December, 0.4 percent (????????1.1%)* below the revised November estimate of $419.7 billion.

The value of private construction in 2008 was $770.4 billion, 9.4 percent (????????1.8%) below the $850.0 billion spent in 2007. Residential construction in 2008 was $358.4 billion, 27.2 percent (????????2.2%) below the 2007 figure of $492.5 billion and nonresidential construction was $412.0 billion, 15.3 percent (????????1.8%) above the $357.5 billion in 2007.

In December, the estimated seasonally adjusted annual rate of public construction spending was $316.6 billion, 0.8 percent (????????2.1%)* below the revised November estimate of $319.3 billion. Educational construction was at a seasonally adjusted annual rate of $86.2 billion, 0.9 percent (????????2.9%)* below the revised November estimate of $87.0 billion. Highway construction was at a seasonally adjusted annual rate of $82.1 billion, 2.4 percent (????????5.4%)* below the revised November estimate of $84.2 billion.