MBS MID-DAY: 2/1/2012

The U.S. Census Bureau of the Department of Commerce announced today that construction spending during December 2011 was estimated at a seasonally adjusted annual rate of $816.4 billion, 1.5 percent (±1.4%) above the revised November estimate of $804.0 billion. The December figure is 4.3 percent (±1.9%) above the December 2010 estimate of $782.9 billion. The value of construction in 2011 was $787.4 billion, 2.0 percent (±1.1%) below the $803.6 billion spent in 2010.

PRIVATE CONSTRUCTION

Spending on private construction was at a seasonally adjusted annual rate of $529.7 billion, 2.1 percent (±1.1%) above the revised November estimate of $518.8 billion. Residential construction was at a seasonally adjusted annual rate of $241.2 billion in December, 0.8 percent (±1.3%)* above the revised November estimate of $239.4 billion. Nonresidential construction was at a seasonally adjusted annual rate of $288.5 billion in December, 3.3 percent (±1.1%) above the revised November estimate of $279.4 billion.

PUBLIC CONSTRUCTION

In December, the estimated seasonally adjusted annual rate of public construction spending was $286.6 billion, 0.5 percent (±2.1%)* above the revised November estimate of $285.3 billion. Educational construction was at a seasonally adjusted annual rate of $70.6 billion, 0.6 percent (±3.4%)* below the revised November estimate of $71.1 billion. Highway construction was at a seasonally adjusted annual rate of $84.5 billion, 1.8 percent (±5.0%)* above the revised November estimate of $82.9 billion.

  • RTRS – CONSTRUCTION SPENDING +1.5 PCT (CONSENSUS +0.6 PCT) TO $816.4 BLN VS NOV +0.4 PCT (PREV +1.2 PCT)
  • RTRS – PRIVATE CONSTRUCTION SPENDING +2.1 PCT, PUBLIC SPENDING +0.5 PCT
  • RTRS – 2011 CONSTRUCTION SPENDING $787.4 BLN, -2.0 PCT FROM 2010

Article source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/245689.aspx

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