U.S. construction spending up 0.1% in December, homebuilding rises to highest point in 5 1/2 years
| February 03, 2014 |
In total, the value of construction in 2013 was $898.4 billion, finishing 4.8 percent above the 2012 figure.
Spending rose a slight 0.1 percent to $930.4 billion from the revised November figure of $930 billion. Last month, the Commerce Department reported a preliminary figure of $934.4 billion for November.
The December figure is 5.4 percent higher than it was in December 2012.
Overall residential construction spending in the U.S. rose 2.4 percent in December to $357.4 billion. That’s a 17.5-percent improvement over December 2012.
Nonresidential spending fell 1.3 percent to $573 billion. That’s down 1.1 percent from December 2012.
Private construction rose 1 percent to $664 billion. Private residential construction was up 2.6 percent to $352.6 billion — its highest mark since June 2008 — while private nonresidential fell 0.7 percent to $311.3 billion.
Government construction spending fell for the second consecutive month, down 2.3 percent $266.5 billion. Public residential spending took the hardest hit, falling 11.5 percent percent to $4.8 billion, while public nonresidential spending fell 2.1 percent to $261.7 billion.
From our partners
At first blush, it sounds like a simple project: paint a champagne-colored…
More From: Business
Do you want some tips to stay safe on the job site?
Equipment World has created an entire section devoted to safety.
Here are the most recent tips we've posted: