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Residential Sector Boosts U.S. Construction Spending
U.S. construction spending rose 0.4% to a seasonally adjusted annual rate of $1,625.9 billion in November 2021 from the prior month, the Census Bureau reported Monday. Economists polled by Reuters had projected a monthly increase of 0.6%.
Holding the increase down was public construction, which slipped 0.2% from October, led by declines in federal construction starts. Conversely, residential construction rose 0.9%, although new multifamily construction was off 0.3% compared to October. Both single-family and multifamily were up strongly compared to November 2020.
Private nonresidential construction was up 0.1% on a monthly basis and 6.7% year-over-year. Nonresidential construction has increased steadily each month since at least July, according to Cenus Bureau data.
The November total is 9.3% above the annualized November 2020 estimate of $1,487.2 billion. During the first eleven months of this year, construction spending amounted to $1,463.2 billion, 7.9% above the same period in 2020.
- ◦Economy
