Single Family Construction Spending Picked up in December

Posted To: MND NewsWire

Publicly funded expenditures continued to drag on overall construction spending numbers in December, offsetting a small uptick in private spending. Data released by U.S. Census Bureau on Wednesday shows private residential outlays remaining positive, especially for multi-family construction and with single-family construction showing some end-of-year strength. Overall construction spending was at a seasonally adjusted annual rate of $1.2 trillion in December, a decline of 0.2 percent from November. Analysts polled by Econoday were looking for an increase of 0.2 percent, although estimates ranged from -0.4 to 0.8 percent. Spending in December was up 4.2 percent compared to December 2015. The total for 2016 through the end of December was estimated at $1.2 trillion, a 4.5 percent increase over...(read more)

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