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Construction Spending Drops in December

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Construction Spending Drops in December

David McFadden | aia, architects, architecture jobs, construction, jobs, recession, unemployed architects | February 01, 2011

Construction spending fell 2.5% sequentially in December to a seasonally adjusted annual rate of $787.9 billion, 6.4% behind the rate of December, 2009, the Commerce Department reported Tuesday morning.

Residential construction fell 4.1% from November to a rate of $226.4 billion, a drop of 6.3% from the prior December. Total private construction was at a rate of $486.9 billion, 2.2% below the revised November estimate of $498.0 billion and 9.8% below December, 2009.

The value of private construction in 2010 was $507.3 billion, 14.3% behind 2009. Residential construction in 2010 was $241.4 billion, 1.7% below 2009.

For public construction, the seasonally adjusted annual rate was $301.0 billion in December, 2.8% below November and 11.2% below December, 2009.Highway construction was at a rate of $84.9 billion, 1.6% below November but 7.5% ahead of December, 2009.

The value of public construction in 2010 was $306.8 billion, 2.7% below 2009. Educational construction in 2010 was $74.4 billion, down 13.6% from 2009, and highway construction was $83.3 billion, 1.7% above 2009.

Via AIA.org

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About the author

Drawing upon original ideas and extensive personal and professional experience in the field, David McFadden crafted this article to explore the untapped potential of making historic architectural masterpieces more sustainable. After working at various design practices—both full-time and freelance—and launching his design firm, David identified a significant gap in the industry. In 1984, he founded Consulting For Architects Inc. Careers, an expansive hub designed to align architects with hiring firms for mutual benefit. This platform enables architects to find impactful design work and frees hiring firms from the time-consuming cycles of recruitment and layoffs. David’s innovative approach to employer-employee relations has brought much-needed flexibility and adaptation to the industry. As the Founder and CEO, David has successfully guided his clients and staff through the challenges of four recessions—the early ’80s, early ’90s, early 2000s, the Great Recession, the pandemic, and the current slowdown due to inflation and high-interest rates.