Washington, Feb. 2--Construction spending rose in December amid higher outlays on homes and educational facilities.
Construction spending climbed 0.4%, estimated at a seasonally adjusted annual rate of $933.2 billion, the Commerce Department reported. That followed a downwardly revised 0.5% rise in November. That figure was initially recorded at a 1.2% increase.
Economists had expected a 0.5% gain in December.
Residential construction advanced 0.9% to a seasonally adjusted annual rate of $507.5 billion.
Private construction, which includes houses, office buildings, factories and hospitals, increased 0.3%, after a 0.7% advance in November.
Residential private construction rose 0.9% to a rate of $502.2 billion, while nonresidential private construction, which includes office buildings, factories and health care facilities, slid 1.1% to a $210.2 billion annual rate.
Spending on public construction grew 0.6% in December to a rate of $220.8 billion. The category includes roads, sewer systems and schools.
Year over year, total con
struction spending was up by 7% from December 2002.
