Construction spending in the U.S. rose slightly to $885 billion in December, up 9% from the month before, the United States Census Bureau reported Friday.
The December construction spending numbers are still 7.8% higher than the previous December, when the spending total reached approximately $820.6 billion.
Seasonally adjusted private residential spending increased slightly from November to December, rising 2.0% from $602.9 billion to $614.9 billion. The residential construction rate also hit $308.2 billion, 2.2% above the revised November estimate of $301.7 billion.
“The increase in December was led by a 2.2% gain in residential outlays after a 0.6% increase in November. Most of the latest improvement was from multifamily construction although single-family outlays also advanced. Public construction declined in the latest month,” noted Econoday.