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Construction Spending Climbs 04 in December

first_img February 2, 2015 471 Views Construction Spending Climbs 0.4% in December in Daily Dose, Data, Government, Headlines, News Construction spending advanced slightly from November to December, aided by increases in outlays for residential projects.The Commerce Department said Monday that construction spending rose 0.4 percent month-over-month throughout December to a seasonally adjusted annual rate of $982.1 billion. November’s spending rate was revised slightly upward to a seasonally adjusted $978.6 billion, still reflecting a decline from the month prior.For the entire year, the Commerce Department estimates spending on construction came to a total of $961.4 billion, an increase of 5.6 percent over 2013.Residential construction spending in December turned in a mixed performance, rising 0.4 percent over the previous month to a rate of $355.0 billion but falling short of year-ago levels by 3.9 percent.In the private sector, spending on construction was estimated at a seasonally adjusted annual rate of $698.6 billion, a 0.1 percent improvement above November’s revised estimate. Private residential construction gained 0.3 percent month-to-month to climb to an annualized rate of $348.4 billion.Spending was up all around for private residential projects, led by a 1.2 percent month-over-month increase in spending on single-family homes to a rate of $202.5 billion. Spending for new multifamily projects picked up 0.3 percent to a rate of $46.6 billion.In the public sector, residential outlays came to an annualized $5.5 billion in December, up 2.3 percent from November.center_img Commerce Department Construction Spending 2015-02-02 Tory Barringer Sharelast_img read more