U.S. construction spending up 0.9 percent
WASHINGTON (AP) - Spending on U.S. construction projects rose in December, ending a year in which construction activity increased for the first time in six years.
Construction spending rose to a seasonally adjusted annual rate of $885 billion in December, the Commerce Department said Friday. That was up 0.9 percent from November, when spending increased a revised 0.1 percent.
For all of 2012, construction spending totaled $850.2 billion, a gain of 9.2 percent from 2011, when construction spending had fallen 3.3 percent. Even with the increase, construction activity is 27.2 percent below the all-time high of $1.17 trillion set in 2006 at the peak of the housing boom.
Construction has been posting a slow recovery, led by housing gains. In December, housing and nonresidential construction posted gains but spending on government projects fell.
The construction gains are helping boost the overall economy which has added nearly 100,000 jobs over the past four months.
In December, spending on residential projects rose 2.2 percent compared to November, the ninth straight monthly gain. Spending on nonresidential projects rose 1.8 percent in December after a 0.3 percent drop in November.
Spending on government projects fell 1.4 percent to $270.1 billion, the lowest level since November 2006. Government activity has been constrained by tight budgets. In December, spending on state and local government projects fell 1.7 percent while spending on federal projects was down 1.3 percent.
Construction spending rose to a seasonally adjusted annual rate of $885 billion in December, the Commerce Department said Friday. That was up 0.9 percent from November, when spending increased a revised 0.1 percent.
For all of 2012, construction spending totaled $850.2 billion, a gain of 9.2 percent from 2011, when construction spending had fallen 3.3 percent. Even with the increase, construction activity is 27.2 percent below the all-time high of $1.17 trillion set in 2006 at the peak of the housing boom.
Construction has been posting a slow recovery, led by housing gains. In December, housing and nonresidential construction posted gains but spending on government projects fell.
The construction gains are helping boost the overall economy which has added nearly 100,000 jobs over the past four months.
In December, spending on residential projects rose 2.2 percent compared to November, the ninth straight monthly gain. Spending on nonresidential projects rose 1.8 percent in December after a 0.3 percent drop in November.
Spending on government projects fell 1.4 percent to $270.1 billion, the lowest level since November 2006. Government activity has been constrained by tight budgets. In December, spending on state and local government projects fell 1.7 percent while spending on federal projects was down 1.3 percent.
Funny how you can hear crickets in the good news reports which by the way are becoming much more common than the other type....
Â
Credit Obama and his policies which take into consideration the middle class before the wealthy class which as I have always said will be the one thing that ensures our economy is successful.
Â
 @sunnysandiego "Construction spending rose to a seasonally adjusted annual rate of $885 billion in December, the Commerce Department said Friday."
Â
Why use "a seasonally adjusted" (manipulated) number from the commerce dept. when you could simply get real numbers from permit counters around the country and report a fact instead of an adjusted number that will be adjusted down in a couple months when you've moved on to cheer something else on? Probably take one guy a week to assemble the real data with a blast fax to all municipalities.
Â
The US working class is, has, and continues to be moving backwards in terms of wages and benefits for the last 30 years and the job of the commerce dept is to keep that fact from you. These are facts that should certainly concern a parent enough to recognize when they have been lied to despite all the evidence surrounding them.
Â
Have you taught your children to cheer as they eat rocks yet?