Construction spending continued its upward trek in December, registering its ninth consecutive month of improvement with a 0.9% boost for the month and a 7.8% annual gain, according to data released today by the U.S. Census Bureau. Excluding improvements, a poorly measured category, spending was still up 0.6% for the month.
Private construction was up 2.0%, largely thanks to a strong surge from multifamily spending, which jumped 6.2%. Single-family spending registered the weakest gain in nine months, but still improved 0.8%.
Private non-residential spending improved 1.8%, and public construction fell for the fourth consecutive month with a 1.4% decline.
Claire Easley is a senior editor at Builder.