US construction spending for December 0.9% versus 0.5% expected

<ul><li>Prior month 0.4% revised to 0.9%</li><li>Construction spending for December 0.9% versus 0.5% expected. Highest level since May 2023</li><li>Private construction 0.9% vs 0.7% last month</li><li>Public construction 1.3% vs -0.7% last month</li></ul><p>Stronger than expected and revision to prior month is higher as well. </p><p>Details from the Census Bureau.</p><p>Total Construction: +0.9%</p><ul><li>December 2023 construction spending was $2,096.0 billion, a 0.9% increase from November's revised estimate of $2,078.3 billion.</li><li>The December 2023 figure is 13.9% higher than the December 2022 estimate of $1,840.9 billion.</li><li>Total construction spending for 2023 amounted to $1,978.7 billion, marking a 7.0% rise from the $1,848.7 billion spent in 2022.</li></ul><p>Private Construction: +0.9%</p><ul><li>December 2023 construction spending reached $2,096.0 billion, up 0.9% from November 2023's $2,078.3 billion.</li><li>The spending in December 2023 was 13.9% above the December 2022 figure of $1,840.9 billion.</li><li>For the entire year of 2023, construction spending totaled $1,978.7 billion, a 7.0% increase from 2022's spending of $1,848.7 billion.</li></ul><p>Publis Construction: +1.3%</p><ul><li>December's seasonally adjusted annual rate of public construction spending was $476.3 billion, a 1.3% increase from November's $470.3 billion.</li><li>Educational construction in December was at a seasonally adjusted annual rate of $100.3 billion, slightly down by 0.1% from November's $100.4 billion.</li><li>Highway construction in December reached a seasonally adjusted annual rate of $151.2 billion, 4.1% higher than November's $145.2 billion.</li><li>The total value of public construction in 2023 was $437.7 billion, 16.3% higher than the $376.3 billion spent in 2022.</li><li>Educational construction spending in 2023 totaled $93.0 billion, up 11.9% from $83.1 billion in 2022.</li><li>Highway construction spending in 2023 was $133.6 billion, an 18.0% increase from $113.3 billion in 2022.</li></ul>

This article was written by Greg Michalowski at www.forexlive.com.

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