In a report released by the Department of Commerce, the annual rate of construction spending increased in December.
According to the report, construction spending rose 1.5 percent to an annual rate of $816.4 billion in December. The previous month, the rate had been adjusted to an estimate of $804 billion. This monthly increase put the rate nearly 4.3 percent above December 2010's pace of $782.9 billion.
Meanwhile, property data indicated that the total value of construction nationwide was $787.4 billion in 2011, which is slightly less than the 2010 value of $803.6 billion.
Additionally, the report noted that private construction increased 2.1 percent to an annual adjusted rate of $528.7 billion, which was led by a climb in residential construction. The value of private construction in 2011 rose to $504.1 billion above the estimated $500.6 billion valuation in 2010.
The report also states spending for public construction projects edged 0.5 percent higher to a seasonally adjusted rate of $286.6 billion. The previous month the rate hovered at an estimated $285.3 billion.