Construction Spending Inches Up in December, Touches 5-Year High

Construction spending saw a modest increase in December, rising to its highest level in nearly five years as November's total was revised down.

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The ""Department of Commerce"":http://www.census.gov/ reported Monday that ""spending in December"":http://www.census.gov/construction/c30/pdf/release.pdf ran at a seasonally adjusted annual rate of $930.5 billion, 0.1 percent above November's revised estimate of $929.9 billion and 5.3 percent ahead of December 2012's $883.6 billion.

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Spending in November was originally reported at a rate of $934.4 billion.

December's figure was the highest since March 2009, when spending ran at a rate of $955.0 billion.

For all of 2013, the government estimates the value of construction was $898.4 billion, 4.8 percent above the amount spent in 2012.

Residential construction came in at a rate of $357.4 billion, its highest since June 2008. Spending on private homebuilding was $352.6 billion. Spending for the construction of new single-family homes was at a rate of $181.7 billion--up from $175.7 billion the month prior--while spending on multifamily construction was $35.6 billion, barely up from $35.4 billion.

Private residential construction spending through all of 2013 was estimated at $330.7 billion, 18 percent above 2012.

Residential construction spending in the public sector was at a rate of $4.8 billion, down 11.5 percent from November's $5.4 billion.