Total construction spending was up 0.3% to a seasonally adjusted annual rate of $1,568.8 billion which is 9% higher than it was one year ago, according to the latest data from the Census Burea…(CB)
- PRIVATE SPENDING: Was also up 0.3% month-over-month to a seasonally adjusted annual rate of $1,231.0 billion which is 13.6% higher than at the same time one year ago.
- RESIDENTIAL SPENDING: Saw a slightly higher jump of 0.5% to a seasonally adjusted annual rate of $773.0 billion which is 27.0% higher than at the same time a year ago.
NOTE: Single-family spending was up 0.9% month-over-month and was up a whopping 47.1% when compared to the same time a year ago.
BEAT THE STREET: Economists projected a slightly smaller 0.2% gain for the month.