Value Of Construction Spending Increased In 2006
According to the Commerce Department’s Census Bureau, the value of construction spending in 2006 was $1,198 billion, 4.8 percent above the $1,143.7 billion spent in 2005.
The value of private construction was $928.7 billion, an increase of 3.3 percent from 2005. Residential construction was $630.3 billion, down 1.9 percent from 2005. Nonresidential construction was 16.2 percent above 2005 figures at $298.4 billion, with the biggest percentage jump coming from lodging (52.1 percent).
There was a 10.1 percent increase in the value of public construction, from $244.7 billion spent in 2005 to $269.3 billion spent in 2006. Sewage and waste disposal construction saw in increase of 17.2 percent in 2006 (to $19 billion), while water supply construction saw a 9.7 percent increase (to $12.22 billion). Educational construction saw a 6.4 percent increase (to $70.06 billion), while power plant construction dropped 6.1 percent to $7.56 billion.
In related news, an estimated 1.83 million building permits were issued in 2006, down 14.9 percent from the previous year. Housing starts were about 1.8 million for the year, 12.9 percent below 2005 starts. And an estimated 1.98 million housing units were completed last year, an increase of 2.4 percent from 2005.