Construction spending inches up 0.1% in December
U.S. construction spending slightly rose 0.1 percent in December, according to a report from our sister site, Equipment World.
The figures come from preliminary data from the Commerce Department, which show that total construction spending reached a seasonally adjusted annual rate of $930.4 billion in December — a 5.4-percent gain over December 2012.
November spending was revised to $930 billion, down slightly from the preliminary figure of $934.4 billion reported by the Commerce Department last month.
Overall residential spending increased 2.4 percent in December to $357.4 billion — up 17.5-percent year over year — and nonresidential was down 1.3 percent to $573 billion — a 1.1-percent fall from December 2012.
Total private construction was up 1 percent to $664 billion. Private residential construction spending grew 2.6 percent to $352.6 billion — the highest it’s been since June 2008– while private nonresidential construction spending dropped 0.7 percent to $311.3 billion.
Government construction spending, public residential spending and public nonresidential spending fell in December. Government spending dropped 2.3 percent to $266.5 billion, public residential spending plummeted 11.5 percent to $4.8 billion and public nonresidential spending was down 2.1 percent to $261.7 billion.