New construction spending increases
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From Times wire reports
Money spent on new construction climbed 1.2% in December to the highest annual rate since last February, the Commerce Department reported.
U.S. construction spending increased to an annual rate of $858.3 billion in December from November’s $847.9 billion. The December figure was 2% above the rate for December 2001.
Spending on new residential housing units was at a seasonally adjusted annual rate of $314.4 billion in December, 3.2% above November.
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