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Economic Report: Construction spending climbs for fifth month to record

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Construction workers work on a building on the west side of Manhattan.

The numbers:The Commerce Department reported a 0.7% gain in construction spending in December, and a 2.6% advance over the past 12 months. That’s the fifth monthly gain in a row and a record high annual rate of $1.25 trillion.

November’s previously reported 0.8% gain was revised lower to show a 0.6% increase.

What happened: For all of 2017, construction spending grew 3.8% to $1.23 trillion. Residential spending jumped by 10.4%, but there were declines in spending for power, highway and street, sewage and waste disposal, water supply, conservation and development and manufacturing.

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