Homebuilding lifts U.S. construction spending in November
Source: Yahoo! Finance
Reuters
Homebuilding lifts U.S. construction spending in November
Mon, January 3, 2022, 10:31 AM
WASHINGTON (Reuters) - U.S. construction spending increased in November amid strong gains in single-family homebuilding, but outlays on public projects were weak. ... The Commerce Department said on Monday that construction spending rose 0.4% after a similar advance in October.
Economists polled by Reuters had forecast construction spending climbing 0.6%. Construction spending increased 9.3% on a year-on-year basis in November.
Spending on private construction projects rose 0.6% in November. Outlays on residential construction surged 0.9%. ... Single-family homebuilding spending shot up 1.2%, but outlays on multi-family housing projects dipped 0.3%.
Homebuilding remains constrained by shortages, which are boosting prices of building materials. Residential investment contracted for a second straight quarter in the third quarter, weighed down by decreases in home improvements and single-family homebuilding.
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Read more: https://finance.yahoo.com/news/homebuilding-lifts-u-construction-spending-153126459.html
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