By MARTIN CRUTSINGER, AP Economics Author
WASHINGTON (AP) — U.S. building spending rose a reasonable 1% in December as power in house constructing offset continued weak point in nonresidential building.
The rise adopted a 1.1% acquire in November, the Commerce Division reported Monday. Final month’s power got here from a 3.1% bounce in spending on residential tasks with cash going to single-family properties surging by 5.8%.
The rise in house constructing offset a 1.7% decline in nonresidential building which had declines in resort and motel building and within the class that features buying facilities.
Spending on authorities tasks which had been hit by falling tax revenues rose 0.5% in December.
Housing has been a star performer over the previous 12 months, helped by report low rates of interest, whereas many different components of the financial system have been laborious hit by the Covid-19 pandemic.
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