Strong construction spending slowed in second half of 2015
BPC Staff Feb 1, 2016 | 9:38 pm
1 min read time
155 wordsAll Latest News, Real Estate and DevelopmentConstruction spending tapered off in the last half of 2015, according to the Associated General Contractors of America. Spending totaled $1.097 trillion, an increase of 10.5 percent from 2014 and the highest annual total since 2007 before adjusting for inflation, according to a release. However, the December rate was 0.2 percent higher than in July, indicating that construction leveled off in the second half of the year. Private residential spending increased 0.9 percent for December and 8.1 percent for the year. Spending on multifamily residential construction rose 2.7 percent for the month and 12 percent year-over-year, while single-family spending rose 1 percent and 8.7 percent, respectively. Private nonresidential construction spending fell 2.1 percent for the month but rose 11.8 percent from a year earlier. Public construction spending increased 1.9 percent from a month before and 3.9 percent the year, led by highway and street construction, which spiked 9.4 percent in December and 12 percent year-over-year.