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News Link • Housing

Hooray: Residential Construction Is Rising Back To 1993 Level

• CalculatedRiskBlog.com
 
[C]onstruction spending during March 2011 was estimated at a seasonally adjusted annual rate of $768.9 billion, 1.4 percent (±1.6%)* above the revised February estimate of $758.6 billion. The March figure is 6.7 percent (±1.8%) below the March 2010 estimate of $824.0 billion. Private construction spending also increased in March: Spending on private construction was at a seasonally adjusted annual rate of $476.1 billion, 2.2 percent (±1.4%) above the revised February estimate of $466.0 billion. Residential construction was at a seasonally adjusted annual rate of $229.1 billion in March, 2.6 percent (±1.3%) above the revised February estimate of $223.2 billion. Nonresidential construction was at a seasonally adjusted annual rate of $247.0 billion in March, 1.8 percent (±1.4%) above the revised February estimate of $242.7 billion. Click on graph for larger image in graph gallery. This graph shows private residential and nonresidential construction spending since 1993. Note: nominal dollars, not inflation adjusted. Residential spending is 66% below the peak in early 2006, and non-residential spending is 40% below the peak in January 2008.

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