U.S. construction spending increased less than expected in December as a solid rise in private projects was partially offset by a sharp decline in outlays on public projects.

The Commerce Department said on Tuesday that construction spending rose 0.2% after advancing 0.6% in November.

Economists polled by Reuters had forecast construction spending gaining 0.6%. Construction spending increased 9.0% on a year-on-year basis in December. It rose 8.2% in 2021.

Spending on private construction projects rose 0.7% in December. Outlays on residential construction surged 1.1%.

Single-family homebuilding spending accelerated 2.1%, while outlays on multi-family housing projects rose 0.4%.

Keep reading on finance.yahoo.com

• 
•