Construction $ Reach New Annual High
WASHINGTON, DC—Construction spending reached an annualized rate of $1.253 trillion in December, a record high. The monthly gain of 0.7% marked the fifth consecutive increase in private and public expenditures and also beat analysts’ estimates.
However, the full-year 2017 total of $1.23 trillion, 3.8% above the previous year’s tally, represented the smallest year-over-year gain since a 2.6% decline in 2011. By comparison, spending increased 11% in 2014, 10.7% in 2015 and 6.5% in 2016.