Construction spending down 12.4% in 2009

Construction spending during December was estimated by the U.S. Commerce Department at a seasonally adjusted annual rate of $902.5 billion, 1.2% below the revised November estimate of $913.2 billion. The December figure is 9.9% below the December 2008 estimate of $1,002.1 billion.

During 2009, construction spending totaled $939.1 billion, 12.4% below the $1,072.1 billion spent in 2008.

In December, the estimated seasonally adjusted annual rate of public construction spending was $309.6 billion, 1.2% below the revised November estimate of $313.3 billion. Highway construction was at a seasonally adjusted annual rate of $83.7 billion, 2.3% below the revised November estimate of $85.7 billion.

For the year, highway construction totaled $84.6 billion, 3.7% above the $81.6 billion in 2008.