Washington • U.S. construction spending rose modestly in December, slowing from healthy gains a month earlier.
The Commerce Department said Monday that construction spending increased a scant 0.1 percent to a seasonally adjusted annual rate of $930.5 billion, down from a revised 0.8 percent increase in November.
The December increase was driven by a 2.6 percent rise in private residential construction, which hit an annual pace of $352.6 billion, highest since June 2008. Spending on single-family homes rose 3.4 percent in December and 21.6 percent from a year earlier.
More than two-thirds of the residential construction market comes from single-family homes.