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US construction spending rises by 0.7% in December 2017

U.S. construction spending rose 0.7% to a seasonally adjusted annual rate of $1.253 trillion in December 2017 from the downwardly revised rate of $1.245 trillion in the previous month, the U.S. Census Bureau reported.

Year over year, construction spending was up 2.6% from $1.222 trillion in December 2016.

In December 2017, private construction spending rose 0.8% to seasonally adjusted annual rate of $963.2 billion from $955.9 billion the previous month, while public construction spending increased 0.3% to $290.0 billion from $289.1 billion.

Spending on private residential construction inched up 0.5% month over month to $526.1 billion in December 2017, while private nonresidential construction spending went up 1.1% to $437.1 billion.

On a non-seasonally adjusted basis, the value of construction put in place in the U.S. rose 3.8% to $1.231 trillion in 2017 from $1.186 trillion in 2016.

Private construction spending climbed 5.8% to $950.7 billion in 2017 from $898.7 billion in the prior year, while public construction spending fell 2.5% to $279.8 billion from $287.0 billion.