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US construction spending up 0.1 percent in December; homebuilding highest since mid-2008

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In this Monday, Jan. 20, 2014 photo, workers use bucket lifts as they work on an office building, in Trenton, N.J. The Commerce Department releases construction spending for December on Monday, Feb. 3, 2014. (AP Photo/Mel Evans) (The Associated Press)

U.S. construction spending rose modestly in December, slowing from healthy gains a month earlier.

The Commerce Department said construction spending increased a scant 0.1 percent to a seasonally adjusted annual rate of $930.5 billion, down from a revised 0.8 percent increase in November.

The December increase was driven by a 2.6 percent rise in private residential construction, which hit an annual pace of $352.6 billion, highest since June 2008.

More than two-thirds of the residential construction market comes from single-family homes.

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