Construction spending saw a modest boost in November, according to recent reports from the U.S. Census Bureau and the Department of Commerce.
The Commerce Department announced on Jan. 3 that construction spending climbed by 0.4% in November 2021, with single-family homebuilding playing a significant role in the uptick.
Total spending rose from $1.62 billion in October to roughly $1.63 billion in November. Year-over-year figures also indicate a 9.3% increase from November 2020.
In November, private construction spending was at an annual rate of $1.27 billion, up 0.6% from October. Residential construction recorded a YoY rate of $796.3 million, about 0.9% above the revised October estimate of $789.1 million.
Single-family home construction spending rose by 1.2% in November—and also recorded a YoY increase of 19.4%, while multifamily construction spending dipped slightly by 0.3%.
According to the report, public construction spending dipped by 0.2%, recording a $352.3 million annual rate compared with the revised October estimate of $353.0 million.
is RISMedia’s associate online editor. Email him your real estate news ideas to jgrice@rismedia.com.
