Construction project spending rises for fifth straight month

Last year started out as a struggle for many builders, but December 2011 showed more positive signs for the future of the construction management industry. Citing the U.S. Commerce Department, The Associated Press reports that spending on construction projects increased 1.5 percent in that month, the most recent data available, marking the fifth straight month of improvement. The percentage growth was far higher than the 0.4 percent gain posted in November 2011.

In December, residential construction - one of the hardest-hit aspects of the construction industry - rose 0.8 percent, while nonresidential building increased 3.3 percent and government spending jumped 0.5 percent.

Thanks to these gains, the seasonally-adjusted annual rate of construction spending reached $816.4 billion, the AP says. That figure is the highest such rate in 20 months.

While the news source says it could be years before the construction industry is deemed to be fully recovered, this improving outlook could be a sign that the worst times are in the past. Though they were hit hard by the collapse of the housing market and the recession, things may be looking up for construction professionals.

According to The Birmingham News, the construction industry is certainly poised for a comeback. Projects that laid dormant through the recession are beginning once again, and fewer firms are planning to reduce their workforces.