A deeper dive into the U.S. Census Bureau’s Construction Spending data, provided by the National Association of Home Builders (NAHB) reveals that total private residential construction spending increased 2.7% in November, to a seasonally adjusted annual rate of $658.1 billion. Year-over-year (November 2019 – November 2020) total private residential construction spending was 16.1% higher. November’s monthly gains are primarily the result of the strong growth of spending on single-family and improvements. Single-family construction spending rose to a $341.5 billion annual pace in November, up by 5.1%. Remodeling spending inched up by 0.2% in November. After reaching a record high in October, multifamily construction spending was reported as flat, but was still 15.8% higher than in November 2019.
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Private Residential Spending Is on the Rise