Construction spending in United States sets an alltime high in 2005

Construction spending in the United States climbed to an all-time high in December, helping to push building for all of 2005 to a record as well. The Commerce Department reported that spending rose by 1 percent in December as private construction and government spending on building activities set records. For the year, spending to construct homes, offices, highways and other building projects totaled a record $1.120 trillion (930 billion euros), up 8.9 percent from the previous record of $1.028 trillion spent in 2004.

Construction has been enjoying boom times, led by the red-hot housing market, which has enjoyed record sales over the past five years spurred by the lowest mortgage rates in more than four decades, reports the AP.

D.M.