Private residential construction spending went up 0.9% in December, according to a Value of Construction Put in Place Survey released by the Commerce Department. The Census Bureau reported Monday morning that spending on private residential construction increased to a seasonally adjusted annual rate of $429.6 billion, compared to a revised $425.8 billion in November, and $397.4 billion a year earlier.
In December, $231.3 million were spent on new single family construction, up 1.0% month-over-month, and 8.7% year-over-year. Approximately $52.8 million were spent on new multifamily construction, a 2.7% increase from November's $51.4 million.
Total residential construction spending (including private and public), climbed to $435.4 billion, from a revised $432.3 billion a month earlier.
The overall construction industry spent a total of about $1.12 trillion in December, up 0.1% month-over-month.