Seasonally adjusted construction spending in the US increased by 5.7pc to $1.5tr in December against the year-ago month but only by 1pc against the revised November estimate, according to the US Census Bureau.
The direct value of construction spending was 4.7pc higher at $1.4tr in 2020 compared to 2019.
Private construction rose by 1.2pc in December to a seasonally adjusted annual rate of $1,137.6bn compared to the previous month while residential construction increased by 3.1pc to $691bn from $670.1bn during the same period. Nonresidential construction slipped by 1.7pc to a seasonally adjusted annual rate of $446.6bn in December compared to $454.4bn in November.
Private construction spending climbed by 4.7pc to $1.1tr in 2020 slightly above the $1tr invested in 2019 as the residential value increased by 11.6pc to $607.6bn and nonresidential value dropped by 3pc to $471.7bn in the same time period. Public construction increased by 4.8pc to $350.5bn in 2020 against $334.4bn in 2019.
Sales of new single-family homes rose by 15.2pc to 842,000 units in December against the same year-ago month and increased by 1.6pc compared to the revised November rate of 829,000 units.