Real estate construction spending keeps $1 trillion pace

According to a recent article in the California Association of Realtors newsletter there’s still a ton of money being spent on the construction of residential property in the state. Here’s a quote from the article…

“Construction spending was at a seasonally adjusted annual rate of $1,099.3 billion in July 2005, nearly unchanged from the revised June estimate of $1,099.7 billion, according to a recent report released by the U.S. Census Bureau. July was the 13th consecutive month where the projected rate of construction spending topped $1 trillion. Construction spending totaled $617.9 billion during the first seven months of the year, a 9.3 percent increase over construction spending for the same period in 2004.

Spending on residential construction in July 2005 increased 8.3 percent over the previous year to reach a rate of $622.2 billion. The value of nonresidential construction put into place in July rose 3.1 percent to a rate of $477.1 billion, according to the report.”