Can’t think of a better way to start the year than to see construction spending increase in November, according to the latest data from the Census Bureau…(Census Bureau)
- M-O-M: Total construction spending was up 0.4% to a seasonally adjusted annual rate of $1,625.9 billion in November.
- Y-O-Y: Total construction spending was up 9.3% when compared to November 2020.
SLIGHT MISS: Economists had projected a slighter bigger jump of 0.6%.
Single-family housing was the big winner for the month while multi-family was in the red…
- Single-family construction spending was up 1.2% month-over-month and was up a whopping 19.4% year-over-year.
- Multi-family construction spending was down 0.3% month-over-month but was up 9.0% year-over-year.
GOLDMAN SACHS: “Construction spending increased by slightly less than expected in November, but October and September were revised up. We left our Q4 GDP tracking estimate unchanged at +7.0% (qoq ar).”