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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

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 series1
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 spending recent trends
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).



Total construction spending

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
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 spending2
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 spending4
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
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
    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 spending1
    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 spending2
    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 spending4
    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 spending5
    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 spending6
    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 spending7
    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 spending8
    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 spending9
    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 spending by geographic division
    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 spending by geographic division1
    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 spending by geographic division2
    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 spending by geographic division3
    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 spending by geographic division4
    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 spending by geographic division5
    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 spending all time high june 2009 321 6 billion
    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
    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 spending1
    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 spending2
    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 spending3
    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 spending4
    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 spending5
    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 spending6
    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 spending recent trends2
    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 spending recent trends march 2006 1 213 billion july 2009 958 0 billion
    Total Construction SpendingRecent TrendsMarch 2006 ($1.213 billion) – July 2009 ($958.0 billion)


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