Construction Spending Rises

WASHINGTON (February 1, 2013)--Spending on U.S. construction projects rose in December, ending a year in which construction activity increased for the first time in six years, the U.S. Commerce Department said Friday.

The Commerce Department said construction spending rose to a seasonally adjusted annual rate of $885 billion in December, up 0.9 percent from November, when spending increased a revised 0.1 percent.

For all of 2012, construction spending totaled $850.2 billion, a gain of 9.2 percent from 2011, when construction spending fell 3.3 percent.

Even with the increase, construction activity is 27.2 percent below the all-time high of $1.17 trillion set in 2006 at the peak of the housing boom.

Construction has been posting a slow recovery, led by housing gains. In December, housing and nonresidential construction posted gains but spending on government projects fell.


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