WASHINGTON -- Spending on U.S. construction projects rose unexpectedly in December, the U.S. Commerce Department reported, led by gains in single-family home and office building.
Construction spending rose 0.6% in December to an annual rate of $811.5 billion after posting a 0.2% increase in November, the Commerce Department said. The number was in sharp contrast with expectations from analysts who had estimated the department's report would show a 0.4% drop in construction spending in December.