Friday, February 8, 2013
Construction Spending Reaches Three Year High in December
It looks like the economy is improving more quickly than previously thought! I posted about the sluggish growth forecast for 2013 several weeks ago, but recent data analysis suggests that construction spending wasn't as low as projected. According to the Commerce Department, construction spending increased 0.9% in December to an annual rate of $885 billion. Analysts only expected a 0.6% gain. Most of the gains came from private residential building projects, which increased 2.2 percent and reflects the country's improving housing market.
Along with government austerity measures, public sector construction has begun to fall. Public sector spending on construction fell 1.4 percent, which is the lowest its been since November 2006. If you have any updated news about construction spending or want to share with Builders Site Protection the building climate in your town, post a comment!