Construction spending saw a modest boost in November, according to recent reports from the U.S. Census Bureau and the Department of Commerce.
The Commerce Department announced on Jan. 3 that construction spending climbed by 0.4% in November 2021, with single-family homebuilding playing a significant role in the uptick.
Total spending rose from $ 1.62 billion in October to roughly $ 1.63 billion in November. Year-over-year figures also indicate a 9.3% increase from November 2020.
In November, private construction spending was at an annual rate of $ 1.27 billion, up 0.6% from October. Residential construction recorded a YoY rate of $ 796.3 million, about 0.9% above the revised October estimate of $ 789.1 million.
Single-family home construction spending rose by 1.2% in November—and also recorded a YoY increase of 19.4%, while multifamily construction spending dipped slightly by 0.3%.
According to the report, public construction spending dipped by 0.2%, recording a $ 352.3 million annual rate compared with the revised October estimate of $ 353.0 million.
is RISMedia’s associate online editor. Email him your real estate news ideas to jgrice@rismedia.com.
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