Supply House Times

Feb. 1, 2008 - Construction Spending Declines 2.6% In 2007

February 1, 2008

The value of construction spending in 2007 was $1,161.3 billion, 2.6 percent below the $1,192.2 billion spent in 2006.

The value of private construction in 2007 was $874 billion, 6.7 percent below the $937 billion spent in 2006. Residential construction was $524.1 billion, 18.3 percent below the 2006 figure of $641.3 billion and nonresidential construction was $349.8 billion, 18.3 percent above the $295.7 billion in 2006. Manufacturing construction rose 8.7 percent from 2006 figures; private lodging increased almost 63 percent. Private power construction rose almost 30 percent.

The value of public construction in 2007 was $287.4 billion, 12.6 percent above the $255.2 billion spent in 2006. Educational construction was $81.8 billion, 13.3 percent above the 2006 figure of $72.2 billion. Sewage and waste disposal construction rose 6.9 percent, and water supply construction increased 5.4 percent. Public healthcare building rose 28.8 percent; public power increased 18.7 percent from 2006. Conservation and development construction rose 6.7 percent from 2006 figures.