- Construction spending inched up 0.1% in December to a seasonally adjusted annual rate of $1.116 trillion, the Commerce Department reported Monday.
- December’s results were 8.2% higher than December 2014, and spending for all of 2015 was 10.5% higher than spending in 2014.
- Nonresidential construction spending dipped 2.1%, while residential spending grew 0.9%. Within residential, single-family home construction rose 1.0%, and multifamily increased 2.7%.
December’s results failed to meet expectations, as economists surveyed by MarketWatch had predicted spending would rise 0.6%. On the positive side, 2015’s total construction spending reached its highest level in eight years, according to the Associated Press.