Home >> News >> Data >> Construction Spending Inches Up in December, Touches 5-Year High
Print This Post Print This Post

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.


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.


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.


Check Also

‘Mixed Bag of Action’ in the Mortgage Market

Low housing inventory and high demand are pushing prices higher and “weighing down on activity," economists report.

Subscribe to MDaily

MReport is here for you to stay on top of important developments in the mortgage marketplace. To begin receiving each day’s top news, market information, and breaking news updates, absolutely free of cost, simply enter your email address below.