Construction spending rose 0.9%, at a seasonally-adjusted annual rate of $855 billion for December, according to a Commerce Department report [link opens in PDF] released today . After a slim 0.1% month-over-month gain in November , these newest numbers paint a more positive picture for the housing market recovery. Market analysts had predicted a 0.8% increase for December .
For 2012 overall, construction spending increased to $850 billion, 9.2% above 2011's spending . Private construction rose 16.1% for the year , while public spending lagged 2.7% behind 2011's expenditures . Of all subcategories, new multi-family residential construction spending increased the most (+44.4 %), while public safety spending plummeted 45.2%.
This report comes four days after the National Association of Realtors released its Pending Home Sales Index for December, citing tight housing supply as the primary reason for slumping sales.
The article Construction Spending Bumps up 0.9% for December originally appeared on Fool.com.
You can follow Justin Loiseau on Twitter, @TMFJLo, and on Motley Fool CAPS, @TMFJLo.Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.