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Financial News: U.S. Construction Spending Climbs To New Record High

U.S. Construction Spending Climbs To New Record High In December

02/01/2018 - 10:28:00 (RTTNews)

(RTTNews) - Construction spending in the U.S. climbed to a new record high in the month of December, the Commerce Department revealed in a report on Thursday.

The Commerce Department said construction spending increased by 0.7 percent to an annual rate of $1.253 million in December after climbing by 0.6 percent to a revised $1.245 billion in November. Economists had expected construction spending to rise by 0.4 percent.

Spending on private construction also reached a new all-time high, advancing by 0.8 percent to a rate of $963.2 billion in December from $955.9 billion in November.

The report said spending on residential construction rose by 0.5 percent to a rate of $526.1 billion, while spending on non-residential construction jumped by 1.1 percent to a rate of $437.1 billion.

Additionally, the Commerce Department said spending on public construction rose by 0.3 percent to a rate of $290.0 billion in December from a rate of $289.1 billion in November.

Spending on educational construction surged up by 1.6 percent to a rate of $75.5 billion, and spending on highway construction increased by 0.3 percent to a rate of $88.3 billion.

Compared to the same month a year ago, the report said total construction spending in December was up by 2.6 percent.

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