Construction Spending Rises 0.1%

Construction spending climbed 0.1% on the month in December.

This was modestly above expectations for spending to stay flat.

Construction spending was up 5.3% on the year.

November’s reading was revised down to show a 0.8% monthly rise, compared to an initial reading of a 1% rise.

Total residential construction was a up 17.5% on the year and 2.4% on the month. Meanwhile, private residential construction spending was up 18.3% on the year and 2.6% on the month.

Homebuilder confidence slowed to 56 in January. Meanwhile, new home sales plunged 7.1% in December and the slowdown was attributed to the extreme cold weather.

We saw total (public + private) power construction fall 20.5% on the year and rise 2.7% on the month. And lodging was up 31% on the year and down 0.1% on the month.

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