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Construction last year: 69% of 2005’s level

Published 5/26/2014 2:07:32 PM

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Officially, 2011’s construction spending came in at $787.4 billion, 2.0% below 2010’s $803.6 billion, according to a February Census Bureau news release. These figures are not seasonally adjusted or adjusted for inflation.

If you want to inflation-adjust the number, note that the Consumer Price Index (“for all Urban Consumers”), as reported by the Bureau of Labor Statistics, was 3.0% for “the all items index” in 2011.

120214_construction_graph

Above: Graphic from Calculated Risk blog

Census data showed December 2011 construction (as seasonally adjusted) coming in at 4.3% above December 2010. Some commentators credited that to better winter weather.

Full-year 2011 figures for key segments:

Private construction: Up 0.7% over 2010, to $504.1 billion.

Residential: Down 1.1%, including a 5.1% decline in new single-family construction and a 0.3% increase in multi-family building. The 2011 total was $236.2 billion.

Nonresidential: Up 2.4% compared to 2010. Within this segment, power construction (at $77.9 billion) was the largest single niche, up 17% over 2010. The total in 2011 was $268 billion.

Public construction: Down 6.5% compared to 2010, at $283.3 billion. The largest niche was educational building at $70.9 billion, down 5.3%

Figures for recent years, as provided at the Census website:

2009: $907.8 billion

2008: $1,072.1 billion

2007: $1,137.2 billion

2006: $1,192.2 billion

2005:  $1,143.7 billion

Computed with any adjustments, 2011 construction was down 31.1% from 2005.

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