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Value of Construction Put in Place (VIP). Recent Trends March 2006 (all-time high of $1.213 trillion) – July 2009 ($958.0 billion). Overview of the VIP series. Overview of the VIP series.
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Value of Construction Put in Place (VIP) Recent Trends March 2006 (all-time high of $1.213 trillion) – July 2009 ($958.0 billion)
Overview of the VIP series • The VIP series provides monthly and annual estimates of the value of construction work done on all projects in a given time period. • Data are shown in seasonally adjusted dollars.
Total Construction SpendingRecent Trends • Total construction spending hit an all-time high of $1.213 trillion in March 2006. • Total spending has since dropped 21% to $958.0 billion. • Total spending dipped below the $1 trillion dollar mark in January 2009, which has not happened since June 2004. • Spending was above the $1 trillion dollar mark for 54 consecutive months (July 2004 – December 2008).
Residential New single family New multi-family Improvements Nonresidential (categories of interest) Lodging Office Commercial Health Care Public Safety Transportation Power Manufacturing Highway and Street Sewage and Waste Water Supply Total Construction Spending
Residential Spending • Private Residential Spending • Private residential spending makes up 99% of all residential spending. • Private residential hit an all-time high of $676.4 billion in March 2006. • Spending in July 2009 was $245.6 billion, down 64% from March 2006, to levels not seen since early 1996. • 16 consecutive decreases from March 2007 to July 2008. • Over the first 7 months of 2009, spending is down 32% from the same time period in 2008.
Residential Spending • Private Residential Spending • New Single Family • In March 2006 spending was $464.3 billion. • Spending has since dropped 78% to $100.9 billion in July 2009. • New Multi-family • In March 2006 spending was $53.1 billion. • Spending has since dropped 45% to $29.2 billion in July 2009. • Improvements (owner occupied only) • In March 2006 spending was $159.3 billion. • Spending has since dropped 27% to $115.5 billion in July 2009. • Currently submitting a new budget initiative to fund a new residential remodeling survey.
Residential Spending • Housing Starts – March 2006 starts were 1.97 million and have fallen 71% to 581 thousand in July 2009. • Single family March 2006 starts were 1.6 million and have fallen 69% to 490 thousand in July 2009. • Multi-family March 2006 starts were 331 thousand and have fallen 76% to 80 thousand in July 2009.
Nonresidential Spending • Private nonresidential • Hit an all-time high of $426.3 billion in October 2008. • 31 months from March 2006. • Spending in July 2009 was $384.9 billion, up 35% from March 2006 ($285.6 billion). • Public nonresidential • Hit an all-time high of $321.6 billion in June 2009. • Spending in July 2009 ($319.0 billion) is up 30% from March 2006 ($245.3 billion).
Private Nonresidential Spending • Lodging • Private lodging hit an all-time high of $37.7 billion in June 2008, spending has since fallen 36% to $24.0 billion. Regional • West • In 2008, 35% of lodging spending was in the west mountain geographic division. • AZ, CO, ID, MT, NV, NM, UT and WY • Spending in the west mountain increased from $3.9 billion in 2006 to $12.5 billion in 2008.
Private Nonresidential Spending • Office • Private office hit an all-time high of $58.4 billion in September 2008, spending has since fallen 27% to $42.8 billion. Regional • Spending in the South in 2008 ($24.0 billion) was up 22% from 2006 ($19.7 billion). • $13.7 billion out of $24.0 billion in 2008 was spent in the South Atlantic division. • DE, FL, GA, MD, NC, SC, VA, WV and D.C. Billions of Dollars
Private Nonresidential Spending • Commercial • Private commercial spending was $71.8 billion in March 2006. • Spending hit an all-time high of $88.9 billion in October 2007. • Spending has since fallen 39% to $54.1 billion in July 2009. • Spending in the first 7 months of 2009 is down 29% from the same time period in 2008. • Automotive • Service/parts – Spending is up 30% in the first 7 months of 2009 from the same time period in 2008. • Sales – Spending is down 11% in the first 7 months of 2009 from the same time period in 2008.
Private Nonresidential Spending • Health Care • Spending hit an all-time high of $40.9 billion in November 2008, up 34% from March 2006 ($30.5 billion). • Spending in July 2009 is at $38.8 billion.
Private Nonresidential Spending • Transportation • Spending in July 2009 ($9.7 billion) is up 11% from March 2006 ($8.7 billion). • Hit an all-time high of $10.7 billion in February 2008.
Private Nonresidential Spending • Educational • Spending in July 2009 was $17.2 billion, up 26% from March 2006 ($13.6 billion). • Spending hit an all-time high of $19.3 billion in October 2008. Regional • Northeast private educational spending is up 53% from 2006 ($4.3 billion) to 2008 ($6.6 billion). • Northeast private educational spending makes up 36% of total educational spending in 2008. • CT, ME, MA, NH, RI, VT, NJ, NY, and PA
Private Nonresidential Spending • Power • Private power makes up approximately 85% of total power construction spending. • Spending has increased 153% from March 2006 ($30.9 billion) to July 2009 ($78.3 billion). • June 2009 spending was at an all-time high of $79.0 billion. • Coal Power • Wind Power
Private Nonresidential Spending • Manufacturing • Spending has increased 154% since March 2006 ($33.1 billion) to July 2009 ($84.0 billion). • May 2009 was at an all-time high of $85.4 billion. • Petroleum/coal – Spending in 2008 ($17.6 billion) is up over 870% from 2006 ($1.8 billion). • Fabricated metal –Spending in July 2009 ($1.2 billion) is up 82% from March 2006 ($660 million). Regional • Northeast – Spending in 2008 was $6.2 billion, up 63% from $3.8 billion in 2006. • Midwest – Spending in 2008 was $16.5 billion, up 39% from $11.9 billion in 2006.
Private Nonresidential Spending Regional • South – Spending in 2008 was $30.4 billion, up 176% from 11.0 billion in 2006. • In the South West Central geographic division from 2007 to 2008, private manufacturing increased $10.8 billion – a 150% increase in spending. • AR, LA, OK, TX • West– Spending in 2008 was $7.7 billion, down 8% from $8.3 billion in 2006. Manufacturing Construction by Region 2006-2008 Billions of Dollars
Private Nonresidential SpendingBy Geographic Division Northeast – Spending in 2008 was $52.1 billion, up 45% from $36.0 billion in 2006. • Middle Atlantic (NJ, NY, PA) • Spending is up from $24.7 billion in 2006 to $35.8 billion in 2008, a 45% increase in spending. • New York- spending is up 44% from $12.6 billion in 2006 to 18.1 billion in 2008. • Pennsylvania- spending is up 51% from $7.0 billion in 2006 to $10.6 billion in 2008.
Private Nonresidential SpendingBy Geographic Division Midwest – Spending in 2008 was $62.0 billion, up 17% from $52.8 billion in 2006. • West North Central (IA, KS, MN, MO, NE, ND, and SD) • Spending in 2008 was $21.0 billion, up 26% from $16.7 billion spent in 2006. • Nebraska – Spending in 2008 ($2.7 billion) is up 69% from 2006 ($1.6 billion). • Iowa – Spending in 2008 ($5.3 billion) is up 43% from 2006 ($3.7 billion).
Private Nonresidential SpendingBy Geographic Division Midwest (cont.) – • East North Central (IL, IN, MI, OH, and WI) • Michigan – Spending in 2008 ($6.4 billion) is down 10% from 2006 ($7.1 billion). • Ohio – Spending in 2008 ($9.2 billion) is down 7% from 2006 ($9.9 billion).
Private Nonresidential SpendingBy Geographic Division South – Spending in 2008 was $125.9 billion, up 42% from $88.8 billion in 2006. • South Atlantic (DE, DC, FL, GA, MD, NC, SC, VA, WV) • Spending is up 20% from $49.1 billion in 2006 to $58.8 billion in 2008. • Florida- spending is up 27% from $16.6 billion in 2006 to $21.1 billion in 2008.
Private Nonresidential SpendingBy Geographic Division South(cont.) – • West South Central (AR, LA, OK, TX) • Spending is up 82% from $27.0 billion in 2006 to $49.2 billion in 2008. • Louisiana – spending is up 159% from $2.9 billion in 2006 to $ 7.5 billion in 2008. • Texas – spending is up 79% from $20.3 billion in 2006 to $36.3 billion in 2008.
Private Nonresidential SpendingBy Geographic Division West – Spending in 2008 was $73.4 billion, up 22% from $60.2 billion in 2006. • Mountain (AZ, CO, ID, NV, NM, UT, WY) • Spending is up 38% from $28.3 billion in 2006 to $39.0 billion in 2008. • Nevada – spending is up 87% from $6.8 billion in 2006 to $12.7 billion in 2008. • New Mexico – spending is up 154% from $1.3 billion in 2006 to $3.3 billion in 2008.
Public Nonresidential SpendingAll-time high June 2009 - $321.6 billion • Office • State and Local • Hit an all-time high of $9.7 billion in April 2009. • Spending in July 2009 ($9.3 billion) is up 90% from March 2006 ($4.9 billion). • Federal • Hit an all-time high of $6.7 billion in July 2009 and is up 148% from March 2006 ($2.7 billion).
Public Nonresidential Spending • Health Care • State and Local • Hit an all-time high of $7.9 billion in July 2009. • Spending has increased 49% from March 2006 ($5.3 billion). • Federal • Hit an all-time high in July 2009 of $3.1 billion. • Spending has increased 274% from March 2006 ($829 million). • Spending in the first 7 months of 2009 is up 70% from the same time period in 2008.
Public Nonresidential Spending • Educational • State and Local • State and Local makes up 98% of public educational spending. • Spending in July 2009 ($88.5 billion) is up 27% from March 2006 ($69.8 billion). • Hit an all-time high of $89.5 billion in June 2009. • Primary/secondary education – July 2009 ($57.3 billion) is up 19% from March 2006 ($48.0 billion). • Higher education – July 2009 ($26.9 billion) is up 45% from March 2006 ($18.5 billion).
Public Nonresidential Spending • Power • State and Local • State and Local makes up over 90% of public power spending. • Currently spending is up 45% from March 2006 ($8.0 billion) to $11.6 billion in July 2009. • April 2009 was at an all-time high of $13.7 billion.
Public Nonresidential Spending • Public Safety • State and Local • Spending is up 53% from March 2006 ($6.4 billion) to July 2009 ($9.8 billion). • Hit an all-time high of $10.2 billion in May 2009. • Federal • Spending is up 475% from March 2006 ($794 million) to July 2009 ($4.6 billion). • Hit an all-time high of $5.1 billion in January 2009. • Spending for the first 7 months of 2009 is up 99% from the same time period in 2008.
Public Nonresidential Spending • Transportation • State and Local • Makes up over 93% of public transportation spending. • Spending in July 2009 ( $23.8 billion) is up 37% from March 2006 ($17.4 billion). • Hit an all-time high of $23.9 billion in June 2009. • Land transportation (passenger terminal, mass transit, railroad, etc…) - hit an all-time high of $10.3 billion in July 2009; a 59% increase from March 2006 ($6.5 billion).
Public Nonresidential Spending • Highway and Street • State and Local • Makes up 99% of total highway and street spending. • Hit an all-time high of $83.8 billion in June 2009. • Spending in July 2009 was $83.0 billion, up 20% from March 2006 ($69.4 billion). • Bridge – July 2009 ($23.7 billion) is up 29% from March 2006 ($18.4 billion).
Public Nonresidential Spending • Sewage and waste disposal • State and Local • Makes up 99% of sewage and waste disposal spending. • Hit an all-time high of $26.1 billion in March 2009, up 20% from March 2006 ($21.8 billion). • Spending in July 2009 was $24.7 billion. • Water supply • State and Local • Makes up 98% of public water supply spending. • Currently at $16.5 billion in July 2009, up 15% from March 2006 ($14.4 billion). • Hit an all-time high of $17.2 billion in July 2008.
Total Construction SpendingRecent Trends Since the peak of total construction spending in March 2006 of $1.213 trillion, total spending has fallen 21% to $958.0 billion in July 2009. • Private residential spending has fallen 63.7% from $676.4 billion to $245.6 billion. • Private nonresidential spending has increased 34.8% from $285.6 billion to $384.9 billion. • Power spending has increased 145% from $32.2 billion to $79.0 billion. • Manufacturing spending has increased 167% from $31.2 billion to $83.2 billion. • In July 2009, power and manufacturing spending made up 42% of the private nonresidential spending. • All other nonresidential categories have increased 0.5%. • Public residential spending has increased 40.5% from $6.1 billion in March 2006 to $8.6 billion in July 2009. • Public nonresidential spending has increased 30% from $245.3 billion in March 2006 to $319.0 billion in July 2009.
Total Construction SpendingRecent TrendsMarch 2006 ($1.213 billion) – July 2009 ($958.0 billion)