WASHINGTON (AP) – U.S. construction spending rebounded slightly in December, helping push total spending for 2015 to the highest level in eight years.
Construction spending increased 0.1 percent in December after falling in October and November, the Commerce Department said Monday.
The December increase was driven by gains in home construction and spending on government projects. That offset declines in spending on private construction of shopping centers, office buildings and hotels.
For all of 2015, construction jumped 10.5 percent to $1.1 trillion, the highest total since 2007.
A home construction boom peaked in 2006 before falling for the next five years. Construction spending has been climbing since 2012. Economists believe building activity, fueled by home construction, will bolster the overall economy this year.