Construction Spending: December 2024

US construction spending increased 0.5% MoM in December, beating expectations of an 0.1% MoM increase. November construction spending growth was revised up from 0.0% MoM to 0.2% MoM. The increase was driven by a strong 1.5% MoM increase in residential spending which was entirely an increase in private sector residential spending. Nonresidential spending eased -0.2% MoM with a notable decline of -0.3% MoM in commercial construction spending. The annual increase in construction spending in 2024 ended at 4.3% YoY with residential spending up 6.1% YoY and nonresidential spending up 3.0% YoY.