Tuesday, January 31, 2023

US Construction Spending Hit 8-year-high in 2015

By on February 1, 2016

WASHINGTON – U.S. construction spending edged up slightly in December, helping push total spending for the year to the highest level in eight years.

The Commerce Department says construction spending increased 0.1 percent in December after falling in October and November.

The December increase was driven by gains in home construction and spending on government projects. That strength offset declines in spending on private construction of shopping centers, office buildings and hotels.

For all of 2015, construction jumped 10.5 percent to $1.1 trillion, the highest amount since 2007.

A home construction boom peaked in 2006 before falling for the next five years. It has been climbing since 2012. Economists believe building activity, fueled by home construction, will bolster the economy this year.

 

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