Dive summary:
- Spending for nonresidential construction in the U.S. in December rose 0.3% from November and stood 1.2% ahead of the December 2011 pace, according to federal Census Bureau data.
- The annual rate of spending in December, seasonally adjusted, was $570.4 billion, the figures released Friday showed, and Associated Builders and Contractors said it was widespread rather than being concentrated in states rebuilding from the storm called Sandy.
- The private sector accounted for all of the gain, rising 1.8%, which was enough to overcome the public sector's decline of 1.4%.
From the article:
"Nonresidential construction activities in December appear to confirm the notion that the nation remains in recovery, despite news that gross domestic product turned negative during last year’s fourth quarter," said Associated Builders and Contractors Chief Economist Anirban Basu. ...