Construction spending rises in December
Construction spending across all sectors reached an estimated $816.4 billion in December 2011, according to the U.S. Commerce Department, a 1.5% increase above the revised November estimate. The December figure is 4.3% above the December 2010 estimate of $782.9 billion.
Much of the gain can be attributed to spending on nonresidential construction, which totaled an estimated $288.5 billion in December 2011, 3.3% above the previous month. The latest figures were also a 2.4% boost over December 2010, where spending on nonresidential construction hit $261.8 billion.
Spending on residential construction was reported at $241.2 billion in December, 0.8% above the November 2011 estimate of $239.4 billion.
In December, the estimated rate of public construction spending was $286.6 billion, 0.5% above November’s estimate of $285.3 billion.