Ad revenues at US radio stations increased last year -- but only just.

According to new figures from the Radio Advertising Bureau, radio spend totalled $19.6 billion (€15.6bn; £10.7bn) last year, a rise of just 1%.

The small increase comes in spite of a 6% jump in national spot advertising to $3.47bn and a 3% climb in network ads to $1bn. However, local advertising -- which accounts for 80% of radio spend -- stayed flat at $15.1bn.

The annual totals follow the release of figures for December, when both national and local advertising rose by 2%.

RAB president Gary Fries believes growth will pick up in the months ahead.

"The growth radio generated in 2003 points to healthy ad sales in all sectors, as consumer confidence grows and we move into a more stable economy in 2004," he said.

Data sourced from: MediaWeek (US); additional content by WARC staff