Construction spending was barely in the green in November, according to the latest data from the Census Bureau…(CB)
- M-O-M: Total construction spending was up 0.2% in October to a seasonally adjusted annual rate of $1,598.0 billion.
- Y-O-Y: Total construction spending was up 8.6% when compared to October 2020.
SWING AND A MISS: Economists had projected a slightly higher increase of 0.4%.
Despite slightly positive total construction numbers, residential construction was in the red in October…
- Total residential construction was down 0.5% month-over-month, but was up 16.4% when compared to October 2020.
- Single family construction was down 0.8% month-over-month, but was up a whopping 23.1% when compared to October 2020.
NOTE: Public residential construction did see 2.9% jump month-over-month and 0.5% gain year-over-year.
