With $998.4 billion spent on new construction last year (a 9 percent increase from 2003) and an estimated 12.3 percent increase in spending for improvements and repair of residential properties ($198.6 billion), 2004 was a pretty good year for most in the construction industry. So says the U.S. Commerce Department's Census Bureau in its annual rundown of construction put in place and home improvement/repair spending.
Total commercial construction, both private and public, was $65.5 billion, a 5.2 percent jump from the previous year. Private commercial construction stood at $61.1 billion, while public commercial projects totaled $4.4 billion. Total office construction spending jumped 6.1 percent to $44 billion in 2004, and construction spending on educational projects rose 2.5 percent to $76.1 billion. Lodging construction ($12.5 billion) and health care ($66.5 billion) also saw significant increases from 2003 - 12.2 percent and 9.5 percent, respectively.