Vacancy Rate in Rental Housing (Cont'd)

of renter-occupied units, vacant units rented but not yet occupied, and vacant units available for rent. Vacant units that are seasonai, or held off the market are not included. Prior to 1970, vacant rental units that were considered to be dilapidated were excluded.

Value of New Construction Put in Place

Value of new construction put in place is a monthly series which measures the estimated value of both private and public construction activity. This applies to activity involving residential, commercial, factory, public utility, farm, and military structures as well as highways, streets, sewage and water supply facilities, and other types of heavy nonbuilding construction. Also included are estimated expenditures relating to additions and alterations of existing structures.

The value put-in-place estimates are intended to represent the value of construction installed or erected at the site during a given time period. The value of new construction covers, therefore, the complete original erection of buildings and structures, including essential service facilities and utilities. In addition to the cost of labor and materials, the value includes the cost of architectural and engineering fees, charges for the use of construction equipment, overhead, and profit on construction operations.

The total cost of the construction project is not entered in the series on the month that it was started. Rather, the cost is spread over the period of actual construction work.