Construction spending during October 2009 was estimated at a seasonally adjusted annual rate of $910.8 billion, about the same as the revised September estimate of $910.4 billion and 14.4% below the October 2008 estimate of $1,064.1 billion, according to the Department of Commerce. During the first 10 months of 2009, construction spending reached $794 billion, 12.6% below the $908.9 billion for the same period in 2008. (Note these are estimates and subject to change.)
Residential spending gained some ground, increasing from about $248.1 billion in September 2009 to $258.6 billion in October 2009, a 4,2% increase, but is still 22.9% off from October 2008, when spending was estimated at about $335.3 billion.
Nonresidential construction decreased in October from an estimated $662.3 billion in September 2009 to $652.2 billion in October 2009, a 1.5% decrease, and is 10.5% off from October 2008, when spending was estimated at about $728.9 billion. Private nonresidential construction declined 2.5% from $347.5 billion in September 2009 to an estimated $338.6 billion in October 2009. Public nonresidential construction declined 0.4% from $313.6 billion in September 2009 to an estimated $314.8 billion in October 2009.
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