Construction Spending Rises Modestly in December
Construction spending rose 0.1% in December, the Commerce Department reported Feb. 3.
The increase brought spending to an annual $930.5 billion annual rate, after a revised 0.8% rise the prior month.
Spending on private residential construction increased 2.6% in December to an annual pace of $325.6 billion, the highest since June 2008, the Associated Press reported.
Construction of commercial projects, such as offices, stores and hotels, declined 0.7%. Construction of apartments and condominiums increased 0.5% and was 21.6% higher than a year prior.
Rising home prices have driven more people to rent, encouraging developers to build more apartments, the AP reported.
Construction spending can boost demand for trucking services because it increases the number of shipments of goods and building materials.
