Construction Spending Rises in December

Washington, DC, Feb. 2, 2015 -- Spending on U.S. construction projects rose 0.4% in December to a seasonally adjusted annual rate of $982.1 billion, according to the Commerce Department.

The increase was led by a 1.1% increase in public spending.

November's decrease of 0.3% was revised to 0.2%.

Economists had expected a 0.7% increase in December

Private spending rose 0.1% in December, with a 0.3% increase for residential projects and a 0.2% decline for nonresidential projects.