Overall spending $1 trillion
By Jann Swanson | Mortgage News Daily
Publicly funded expenditures continued to drag on overall construction spending numbers in December, offsetting a small uptick in private spending. Data released by U.S. Census Bureau on Wednesday shows private residential outlays remaining positive, especially for multi-family construction and with single-family construction showing some end-of-year strength.
Overall construction spending was at a seasonally adjusted annual rate of $1.2 trillion in December, a decline of 0.2 percent from November. Analysts polled by Econoday were looking for an increase of 0.2 percent, although estimates ranged from -0.4 to 0.8 percent.
