Nonresidential construction continues to catch up to residential in total private construction dollars spent nationally, according to the most recent figures from the U.S. Census Bureau.
The value of total private construction put in place nationally in October 2007 was $863 billion, a drop of more than $40 billion from October 2006.
According to the monthly report, the total value of nonresidential construction made up 41 percent of the total construction dollars. That's an 8 percent increase from October 2006.
Residential construction still represented the majority of total construction dollars, but the sector's total decreased from 66 percent last year to 58 percent in October 2006.
That's not a huge surprise amid the slowdown in the national housing market and the number of residential building permits issued continuing to fall.
According to the Census Bureau, the number of housing units authorized fell by 1.5 percent nationally between October and November of 2007 and have fallen 24.6 percent since November 2006.
source: bizjournals.com
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