Construction spending on single-family homes rose nearly 2% in November after a slight decline in the prior month.
The Census Bureau reported that construction spending increased to a $175 billion seasonally adjusted rate in November from a $172 billion rate in October.
Overall spending on land development and
Global Insight economists Patrick Newport and Stephanie Karol noted that private spending on residential construction enjoyed upward revisions to the October and September reports.
“Private spending on single-family homes recovered nicely after a small drop in October, rising 1.8% month-on-month. On the other hand, spending on multifamily structures lost a bit of steam, posting its slowest growth in four months,” say the economists.
Overall, the seasonally adjusted annual rate of private single-family and multifamily construction spending hit $345.5 billion in November—the highest rate since July 2008.
