Spending on U.S. construction projects edged down by a slight 0.2% in December, closing out a year when total construction showed its first annual decline in eight years.
U.S. construction spending barely increased in May as gains in spending on non-residential projects such as office buildings and public construction were largely offset by a big drop in home building.
U.S. home construction surged in April to its highest pace in five months. Almost all that increase came from the volatile apartment sector, a sign that Americans are still struggling to buy single-family homes.
U.S. construction spending rose slightly in March, fueled by increases for apartments, single-family homes, factories, health care centers and office projects.
U.S. sales of new homes rebounded in January to the fastest pace in more than five years, offering hopes that housing could be regaining momentum after a slowdown last year caused by rising interest rates.
U.S. developers received approval in October to build apartments at the fastest pace in five years, a trend that could boost economic growth in the final three months of the year.
Spending on U.S. construction projects rose at a solid pace in August, helped by further gains in residential building. Overall construction activity climbed to the highest level in more than four years.