| Author | Message | ||
     Entrepreneur Kurra Bewarse Username: Entrepreneur Post Number: 3862 Registered: 05-2011 Rating: N/A |
Residential spending paces November increase in construction spending Total construction spending increased 0.4% month-over-month in November (Briefing.com consensus +0.6%) following an upwardly revised 0.4% increase (from 0.2%) in October. Total private construction increased 0.6% month-over-month while total public construction spending decreased 0.2%. On a year-over-year basis, total construction spending was up 9.3%. The key takeaway from the report is the strength seen in new single-family construction, which is a reflection of the persistently strong housing demand amid a scarcity of supply in the existing home market. Total residential spending increased 0.9% month-over-month (and increased 16.1% yr/yr) while total nonresidential spending was flat (and up 3.4% yr/yr). The increase in private construction spending was driven by a 0.9% increase in residential spending, which was paced by a 1.2% increase in new single-family construction. Nonresidential spending was up 0.1%, led by a 0.9% increase in manufacturing spending. The decrease in public construction spending was paced by a 0.1% decline in nonresidential spending. That decline was led by a 0.8% decline in highway and street spending. |