1 minute reading time (211 words)

Construction Spending Increases in November

Construction spending is on the rise as data for 2019 continues to flow in the new year. According to the Census Bureau, spending reached a seasonally adjusted annual rate of $1.324 trillion in November 2019, up 0.6% from the previous month. This is also more than 4% higher than November 2018, and it's the best November showing on record, dating back to 2002. Reuters reported economists predicted an overall spending gain of 0.3% in November.

Despite the positives, spending year-to-date is down almost a full percent, states Wells Fargo Securities. "The five-month string of consecutive gains is mostly owed to residential, which rose 1.8% during the month," according to its monthly report on construction spending. Private residential spending is 2.7% above November 2018, and is at its highest since September 2018.

Nonresidential private construction spending saw a modest decline of 1.2% in November; however, it is still slight outpacing its year-to-year reading. Residential and nonresidential spending has been a bright spot for public construction—as far as year-over-year numbers are concerned. Public residential spending slipped similar to nonresidential private construction, but it's 14.7% above November 2018. Total nonresidential has skyrocketed more than 12% from November 2018 but is only up less than a percent from month to month.

-Michael Miller, managing editor

Single-Family Housing Hit Hard in 2010s
Strategic Global Intelligence Brief for January 3,...

Related Posts

 

Comments

No comments made yet. Be the first to submit a comment
Already Registered? Login Here
Guest
Sunday, 12 July 2020