The Commerce
Department reported on Thursday that the U.S. construction spending climbed 0.9
per cent m-o-m in December 2023, following an upwardly revised 0.9 per cent
m-o-m jump (from +0.4 per cent m-o-m) in November. This marked the 12th
straight monthly advance in construction
spending.
Economists had forecast construction spending to rise 0.5
per cent m-o-m in December.
According to
the report, spending on private construction surged 0.7 per cent m-o-m in December,
underpinned by a 1.4 per cent m-o-m gain in residential spending. Meanwhile, non-residential spending
dropped 0.2 per cent m-o-m.
The public construction outlays soared
1.3 per cent m-o-m, driven by a 1.4 per cent m-o-m increase in nonresidential public
spending. At the same
time, residential public construction spending
declined 2.5 per cent m-o-m.
On a y-o-y
basis, construction spending went up 13.9 per cent in December.