US construction spending goes up
Washington: The US construction spending continued to rise modestly in December 2012, offering relief to the ongoing property market recovery, US Department of Commerce reported Friday.
Construction spending was estimated at a seasonally adjusted annual rate of USD885 billion in December, 0.9 percent above the revised USD876.9 billion in November, but still only half of the pace considered healthy by analysts, the department said in a report.
Spending on private construction was at a seasonally adjusted annual rate of USD614.9 billion in December, 2 percent above the revised estimate of the previous month, while the estimated seasonally adjusted annual rate of public construction spending was USD270.1 billion in December, 1.4 percent below the revised November figure, reported Xinhua.
The US housing market is struggling for a turnaround about six years after the bubble burst. Although recent sales and prices indicators were mainly upbeat, many economists believe that the housing sector still has a long way to go before a full recovery.