Construction spending rose in December, as companies and the government continued to ramp up projects across the U.S.
Spending on construction projects rose 0.9% in December to $2.1 trillion, the Commerce Department reported Thursday.
Spending on construction has risen every single month in 2023.
The figure beat expectations on Wall Street. Economists were expecting construction spending to rise 0.5% in December.
Construction spending reveals how much the government and private companies spend on projects, from housing to highways. The more the U.S. spends on construction, the higher the level of economic activity.
The government revised spending on construction in November to 0.9% from an initial read of a 0.4% increase.
Over the past year, construction spending is up 13.9%.
In terms of residential real estate, private residential construction rose 1.4% in December, with single-family rising 1.6% and multi-family construction rising 0.3%.
Spending on public residential construction fell by 2.5%.
Stocks SPX DJIA were up in early trading on Tuesday. The 10-year Treasury note BX:TMUBMUSD10Y fell below 3.9%.
