US construction spending rises less than expected in December

By Ovunc Kutlu

ANKARA (AA) - US construction spending increased less than expected in December, according to data released Tuesday by the Commerce Department.

Construction spending was estimated for the month at a seasonally adjusted annual rate of almost $1,639.9 billion, it said.

The figure is a 0.2% increase from the revised November estimate of approximately $1,636.5 billion, it added.

Analysts expected a 0.6% increase.

On an annual basis, the value of construction spending in 2021 stood at nearly $1.59 trillion -- 8.2% above the $1.47 trillion in 2020.