Construction Spending Grows Faster for 5th Month
The value of construction put in place in December 2014 was $67,298 (millions of real dollars). Compared with one year ago, spending in December was up 7.4%. This was the fifth month in a row that the month-over-month rate of change grew at a faster rate. The annual rate of change continued to decelerate, but we should a bottom in the next month or two.
Total construction spending has been improving at an accelerating rate despite a weak residential construction market, which accounts for one-third of total construction spending. Therefore, the growth in construction spending is coming from industrial and institutional construction. However, residential spending was up in December from one year ago, which is the first increase in the month-over-month rate of change in five months.
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