Steel Markets
February 4, 2014
Construction Spending Rises 0.1% in December
Written by Sandy Williams
Construction spending inched up 0.1 percent in December and picked up a modest 4.8 percent for all of 2013. Apartments and single-family homes offset declines in private nonresidential and public projects, according to US Census Bureau data analyzed by the Associated General Contractors of America (AGC).
The AGC reported: “Construction put in place totaled $930 billion in December, 0.9 percent higher than the November total, which was revised down $5 billion from the initial estimate. For 2013 as a whole, spending was 4.8 percent above the 2012 level, a slowing from the 9 percent gain that year. Private residential construction spending increased by 2.6 percent in December and jumped 18 percent for all of 2013. Private nonresidential spending dipped 0.7 percent for the month and 0.4 percent for the full year. Public construction spending dropped 2.3 percent for the month and 2.8 percent for the year.”
