Total construction spending was up in December, but not as much as expected, according to the Census Bureau’s monthly construction spending…(Census)
- M-O-M: Construction spending increased 0.2% to a seasonally adjusted annual rate of $1,639.9 billion.
- Y-O-Y: Construction spending increased 9.0% when compared to December 2020.
SWING & A MISS: Economists had projected a bigger increase of 0.6%.
The good news in the report was the smaller than expected increase in spending was driven entirely by a decline in public spending…
- PRIVATE spending was up 0.7% for the month and 12.7% for the year.
- PUBLIC spending was down 1.6% for the month and was down 2.9% for the year.
Residential spending was up a healthy 15.0% year-over-year…
- SINGLE FAMILY was up 2.1% month-over-month and 16.3% year-over-year.
- MULTIFAMILY was up 0.4% for the month and up 9.1% for the year.