November Total Private Residential Construction Spending Up 16.1% Year-Over-Year

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.

FEA compiles the Wood Markets News from various 3rd party sources to provide readers with the latest news impacting forest product markets. Opinions or views expressed in these articles do not necessarily represent those of FEA.
Original Source:
Private Residential Spending Is on the Rise