February 1, 2016
2015 construction spending its highest in eight years
U.S. construction spending continued its rebound in December and total spending in 2015 reached its highest level since 2007.
Construction spending increased 0.1% in December, after a downward trend in October and November, according to a release by the Commerce Department, the Associated Press reported.
For the year, construction spending topped $1.1 trillion, a 10.5% increase from 2014.
For the fourth quarter period, home construction rose at an annual rate of 8.1%.
December saw home construction grew 0.9%, while a 2.1% drop was reported for non-residential construction. For the whole year, home construction increased 12.6%, with private non-residential activity rising 12%.
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