Total
spending on construction projects in the U.S. rose 0.9 percent in November
compared to October. The U.S. Census Bureau estimated that the seasonally
adjusted annual spending on all types of construction was $1.459 trillion
during the month compared to $1.447 trillion the prior month, an 0.9 percent
increase. The rate was up 3.8 percent from annualized spending ($1.406
trillion) in November 2019.

On
an unadjusted basis, there was $123.452 billion spent during the month, down
from $128.919 billion in October. For the first 11 months of 2020 expenditures
had totaled $1.314 trillion, up from $1.259 trillion during the same period in
2019, a 4.4 percent gain.

Privately
funded spending increased 1.2 percent
month-over-month and 4.1 percent on an
annual basis. Seasonally adjusted annual spending in November was $1.112
trillion compared to $1.099 trillion in October and $1.068 trillion in November
2019.

On
an unadjusted basis the monthly total expenditure was slightly lower in
November, $95.142 billion versus $96.832 billion the previous month. However, for
the year-to-date (YTD), that spending is up 4.3 percent; from $948.483 billion
in 2019 to $989.340 billion.

Private
sector residential spending performed much better on all counts
than overall
spending out of the private sector. The seasonally adjusted annual outlay in
November was at the rate of $658.086 trillion, up 2.7 percent from the rate in
October
and 16.1 percent above the rate in November 2018. Unadjusted, there was
$56.736 billion spent compared to $56.865 the prior month, but YTD expenditures
increased 10.2 percent to $554.790 billion.

Single-family
construction spending, at a seasonally adjusted annual rate of $341.506
billion, was up 2.7 percent from the previous month and 18.1 percent higher than
the prior November. New multifamily construction was flat compared to the
previous month at a rate of $90.024 billion but rose 15.8 percent year-over
year.

Unadjusted
single-family spending totaled $30.120 billion for the month compared to
$29.565 billion in October and the respective figures for multifamily spending
were $7.576 billion and $7.782 billion. For the YTD $274.475 in single family
construction has been put in place and $77.756 billion of multifamily housing. The
single-family figure is up 6.4 percent compared to the same period in 2019 and
there the multifamily number represents 5.0 percent growth.

Total
public construction
fell back 0.2 percent on an adjusted basis from October and
was up 3.1 percent on an annual basis. The seasonally adjusted spending for
November was $347.600 billion. Residential spending rose 0.5 percent to $8.904
billion and was 24.3 percent higher than in November 2019. With one month left
in 2020, the government has spent $7.833 billion on residential construction, a
32.6 percent increase from the first 11 months of 2019.

By Jann Swanson , dated 2021-01-04 11:36:29

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Courtesy of Mortgage News Daily

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