WASHINGTON (Reuters) – U.S. construction spending raced to a record high in December as historically low mortgage rates powered outlays on private projects.
The Commerce Department said on Monday that construction spending increased 1.0% to $1.490 trillion, the highest level since the government started tracking the series in 2002. Data for November was revised higher to show construction outlays surging 1.1% instead of 0.9% as previously reported.