December Construction Spending Climbs 0.4%

Outlays for U.S. construction projects rose 0.4% in December to a seasonally adjusted annual rate $982.1 billion, led by public spending, the U.S. Commerce Department reported Monday. Economists polled by MarketWatch had expected a 0.7% increase in December compared with originally reported decline in spending of 0.3% in November. On Monday, the government revised November's decrease to 0.2%. Private-construction spending rose 0.1% in December, with a 0.3% increase for residential projects and a 0.2% decline for nonresidential projects. Meanwhile, public-construction spending rose 1.1% in December.