Member access

4-Traders Homepage  >  News

News

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesHot NewsMost Read NewsRecomm.Business LeadersVideosCalendar 

U.S. Construction Spending Up 0.9% in December

02/01/2013 | 10:16am US/Eastern
Recommend:
0
=========================================================== 
 Construction Spending      Dec     Nov   ! Consensus:    ! 
 Overall Spending          +0.9%   +0.1%r !        +0.6%  ! 
 Residential               +2.1%   +0.7%r ! Actual:       ! 
                                          !        +0.9%  ! 
=========================================================== 
 
   By Sarah Portlock and Eric Morath 
 

WASHINGTON--Spending on U.S. construction projects rose in December, boosted by homebuilding, and finished out the year in positive territory for the first time since 2006.

Construction spending increased by 0.9% from a month earlier to a seasonally adjusted annual rate of $884.98 billion, the highest level since August 2009, the Commerce Department said Friday.

Economists surveyed by Dow Jones Newswires had forecast a 0.6% increase.

Annual construction in 2012 was up 9.2%, the first year-over-year gain since before the financial crisis. Figures for November were revised upward to a 0.1% increase from an initially estimated 0.3% decline.

Private residential construction increased 2.2% to $308.15 billion for December, likely aided by rebuilding efforts in the wake of superstorm Sandy that hit the Northeast in late October. The Commerce Department said in a separate report this week that Sandy destroyed $35.8 billion in private assets and $8.6 billion in government property.

Spending on private home-building was up 16.8% in all of 2012, compared to a 0.8% drop in 2011.

Meanwhile, Friday's report showed private nonresidential construction rose 1.8% to $306.73 billion in December, boosted by power infrastructure, lodging and office projects.

Public construction spending fell 1.4% to $270.10 billion in December on transportation infrastructure, schools and sewers investments. That is the lowest level since 2006.

State and local outlays dropped 1.7%, but federal construction spending increased 1.3%.

Overall government spending in the fourth quarter fell by 15%, the Commerce Department said in a separate report.

The Commerce Department report on construction spending can be found at http://www.census.gov/construction/c30/c30index.html.

 
   Write to Sarah Portlock at sarah.portlock@dowjones.com and Eric Morath at eric.morath@dowjones.com 
 

Recommend :
0
React to this article
Latest news
Date Title
<1m ago Cottco to Recover Input Costs
<1m ago STANDARD CHARTERED : FAO Boss Links Sustainable Agriculture to Healthy Forest
<1m ago GOOGLE 'C' : to Assist in Baba Jukwa Case
<1m ago BANCO ESPIRITO SANTO : Espirito Santo debt attracts potential buyers at 2 percent of face value
<1m ago U.S. construction spending hits highest level in 5-1/2 years
1m ago LRR ENERGY : Other Events (form 8-K)
1m ago DENA : REFILING: Baseball: Central League standings
1m ago BASEBALL : Pacific League standings
1m ago INTERMUNE : Investor Lawsuit Against Takeover of InterMune Inc (ITMN) Announced by Shareholders Foundation
1m agoDJPembina Pipeline to Build Oregon Propane Export Terminal
Latest news
Advertisement
Hot News 
CORRECT : Dixons Carphone Confirms Long Term Deal With Vodafone
TMM REAL ESTATE DEVELOPMENT : Sonyachna Brama residential complex construction status update
EXELIXIS : Announces Results from the COMET-1 Phase 3 Pivotal Trial of Cabozantinib in Men with Metastatic Castration-Resistant Prostate Cancer
MATTIOLI WOODS : Raises Dividend As Profit Grows, Revenue Mix Shifts
CRANEWARE : Issue of Consideration Shares
Most Read News
1d ago FORMFACTOR : Raises Third Quarter Guidance Range
1d ago STUART OLSON : announces sale of Broda Construction
1d ago MEDICINOVA : to Present Data on MN-001 (tipelukast) for the Treatment of Idiopathic Pulmonary Fibrosis (IPF) During the 18th International Colloquium on Lung and Airway Fibrosis (ICLAF)
1d ago EXELIXIS : Announces Results from the COMET-1 Phase 3 Pivotal Trial of Cabozantinib in Men with Metastatic Castration-Resistant Prostate Cancer
8h ago MANCHESTER UNITED : Van Gaal Speaks on Di Maria Injury
Most recommended articles
1d agoDJZambia Copper Miners Say Crippled by Unpaid $600 Million Tax Refund-Mines Body
4d ago S&P 500 edges up to set new record; best month since Feb
1m agoDJPembina Pipeline to Build Oregon Propane Export Terminal
3m ago U.S. MANUFACTURING SECTOR ACCELERATES IN AUGUST : Ism
10m agoUNITED STATES : Construction Spending better than estimates at 1.8%
Dynamic quotes  
ON
| OFF