Log in
Login
Password
Remember
Lost password
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 

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
=========================================================== 
 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 
 

React to this article
Latest news
Date Title
07:10p GRANITE CONSTRUCTION : Hires Robert J. Beekhuizen to Lead Construction and Materials Businesses
07:09p MINCO SILVER : Announces Annual General and Special Meeting Results
07:08p Second-quarter M&A close to record amid mega deals
07:06p Microsoft hands display ads to AOL, maps to Uber
07:06p MIRA VI ACQUISITION : Announces Filing of Filing Statement
07:06p In? Out? In between? A Greek legal riddle for EU
07:03p JAGUAR RESOURCES INC. : Provides Update on Bannock Creek Exploration Well, and Announces a 4 Well Drilling Program and an Option for 6 More Wells
07:02p DEUTSCHE BOERSE : Greece banks shut after snap referendum call
07:02p HVIVO : Exercise of Share Options
07:02p LUCAPA DIAMOND : New Fleet Arrives to Scale Up Diamond Mining at Lulo
Latest news
Advertisement
Hot News 
BLUE STAR CAPITAL : Makes GBP50,000 Investment In Sthaler
SPACEANDPEOPLE : Award of preferred bidder status
TRANS SIBERIAN GOLD : -Siberian Production Rises As Grades And Recovery Rates Improve
Sunshine Heart Exercises $2 Million Milestone Advance From Silicon Valley Bank
SINNERSCHRADER : FOCUS ON AGENCY BUSINESS / RESTRUCTURING OF NEXT AUDIENCE / ACQUISITION OF ANOTHER MOBILE SPECIALIST (DGAP Adhoc)
Most Read News
07:06p Microsoft hands display ads to AOL, maps to Uber
06:28p DIRECTV : AT&T, DirecTv extend 'termination date' for second time
06:09p PINECREST RESOURCES : Updates and Refiles Amended Technical Report on the Enchi Gold Project, Ghana West Africa
06:32p GAZPROM : Canada announces new sanctions for Russian entities, including biker gang
06:03p VITALITY PRODUCTS : Reports First Quarter Results
Most recommended articles
07:08p Second-quarter M&A close to record amid mega deals
07:06p Microsoft hands display ads to AOL, maps to Uber
07:06p In? Out? In between? A Greek legal riddle for EU
06:46p Despite Lagarde's initial reluctance, IMF on the hook for Greece
06:29p Obama talks with French president about Greek crisis