Economic Buzz: US Construction Spending Up 0.2% In December

2 Feb 2022 , 08:44 AM

US construction spending inched up by 0.2 percent to an annual rate of $1.640 trillion in December after climbing by 0.6 percent to a revised rate of $1.637 trillion in November, the Commerce Department reported on Tuesday. The uptick in construction spending came as spending on private construction advanced by 0.7 percent to an annual rate of $1.293 trillion. Spending on residential construction jumped by 1.1 percent to a rate of $810.3 billion, while spending on non-residential construction was virtually unchanged at $482.6 billion. Meanwhile, the report showed spending on public construction plunged by 1.6 percent to an annual rate of $347.0 billion.

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