Supply is trying to catch up with the demand as single-family construction saw a big jump in December 2020. (Census Bureau)
Total Construction spending during December 2020 was estimated at a seasonally adjusted annual rate of $1,490.4 billion.
- M-O-M: Increased 1% from the revised November estimate of $1,475.6 billion.
- Y-O-Y: Increased 5.7% from the December 2019 estimate of $1,410.3 billion.
Spending on residential construction saw the biggest across every category with a seasonally adjusted annual rate of $691.0 billion.
- M-O-M: Increased 3.7% from the revised November estimate of $679.1 billion.
- Y-O-Y: Increased 20.7% from the December 2019 estimate of $579.8 billion.
- SINGLE FAMILY spending was up 23.7% compared to last December and multi-family was up 17.8% from December 2019.
Not surprisingly, construction spending on lodging was down big with a 6% decline from November and a 24% drop from December 2019.