US construction spending rises less than expected in December

ANKARA

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.