Prior month rose by 0.6% (was 0.8%)
The US construction spending for December came in at 0.7% versus 0.4% expected. The prior month was revised down to 0.6% from 0.8%.
- Private outlays hit record high. Up 0.8%. to $962.2B
- outlays on private residential projects gained 0.5% to the highest level since March 2007.
- Spending on nonresidential structures jumped 1.1% after climbing 0.3% in November
- Public spending +0.3%. November increase was 0.1%
- Spending on federal government construction projects jumped 10.9%, the largest increase since October 2014
- State and local government construction outlays fell -0.6%
- Total spending 1.253 trillion
- Year on year construction spending advanced 2.6%
- For the year of 2017 total, construction spending rose 3.8%. This was the smallest since 2011. It rose 6.5% 2016
Economist at forecast a 0.4% increase.
Trump announced an infrastruture spending plan going forward. Of course that would be over times. Private construction, might not be as robust if borrowing costs go higher (all things being equal). However, a stronger economy can lift all boats.
