(Bloomberg) -- U.S. construction spending posted the smallestannual increase since 2011 as homebuilding slowed amid higherborrowing costs and a glut of apartments in some areas.
The value of construction put in place increased 4.1 percent in2018 to $1.3 trillion, according to a Commerce Department reportMonday that was delayed by the government shutdown. ForDecember, spending declined 0.6 percent from the prior month,missing forecasts for a 0.1 percent gain.
The full-year figure reflected a 3.3 percent increase in privateresidential construction that was the smallest advance since2011. The category had posted gains of more than 10 percent forsix straight years. Within the sector, single-family buildingwas up 5.2 percent while multifamily housing rose 0.7 percent.
Other areas of weakness in construction spending for 2018included private manufacturing, which fell 1.7 percent. On thepositive side, state and local outlays jumped 7.1 percent, themost since 2007.
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