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 agoDJIran Sees Oil Prices Falling to $90 a Barrel by Late March
<1m ago HERSHEY : J.P. Bilbrey Honored as CR Magazine Responsible CEO of the Year Award Winner
1m ago ABERDEEN PRIVATE EQUITY FUND : DIRECTOR DEALING: Aberdeen Private Equity Non-Executive Buys Shares
1m ago WholeHealth Products announces the release of the FDA Cleared "HIV 1&2" Rapid Diagnostic Test for Professional and Retail
1m ago MITON WORLDWIDE GROWTH INVESTMENT TR : ST PLC - Holding(s) in Company
2m ago DRAKE GOLD RES : urces, Inc: Universal Apparel Company, a Drake Gold Resources Inc. (DKGR:OTC) Subsidiary, has received purchase orders in Excess of $300,000.
3m agoDJCanada Government Expects CN Rail to Live Up to Grain-Shipment Targets
4m ago BUFFALO COAL : Miner Dies At JSE-listed Buffalo Coal Mine
4m ago UNILEVER : Invests $190m To Scale Up Production Capacity In Kenya
4m ago OANDO : Posts 103% Rise in Half Year Profit
Latest news
Advertisement
Hot News 
DIXONS CARPHONE : UK's EE to buy 58 stores from Phones 4u for 2.5 million pounds
REGENERSIS : *panmure cuts regenersis price target to 403 (502) pence - 'buy'
ASCENA RETAIL : Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A"). (form 10-K)
NORTHBRIDGE INDUSTRIAL SERVICES : Profit Up; Raises Funds In Placing As It Buys Rest Of Tasman
KTG ENERGIE : places capital increase successfully (DGAP News)
Most Read News
1d ago TEKMIRA PHARMACEUTICALS : U.S., Canada allow emergency use of Tekmira's Ebola treatment
1d ago BNP PARIBAS : Chairman Baudouin Prot to leave: Le Figaro
1d ago AIRBUS : Boeing spar over jet production strategy
1d ago DIXONS CARPHONE : UK's EE to buy 58 stores from Phones 4u for 2.5 million pounds
1d ago MCGRAW HILL FINANCIAL : to Sell McGraw Hill Construction to Symphony Technology Group
Most recommended articles
5d ago Main Italian lenders took 23 billion euros of cheap ECB cheap
3m agoDJCanada Government Expects CN Rail to Live Up to Grain-Shipment Targets
5m agoDJLONDON MARKETS : Shire, AstraZeneca Fall In London After U.S. Tax Move
16m ago DEUTSCHE LUFTHANSA : Lufthansa says premium economy bookings exceeding expectations
18m ago Stocks fall on weak data, Syria air strikes
Dynamic quotes  
ON
| OFF