Mortgage Industry News
« Return to Mortgage Industry News
Residential Construction Spending Surged in January
Tuesday, March 3, 2020
Privately funded construction gained 1.5
percent month-over-month, from a seasonally adjusted $1.008 trillion in
December to $1.023 trillion in January. This was a 4.9 percent increase from
the previous January. On a non-adjusted basis spending fell from $78.259
billion to $73.248 billion. Privately funding spending on residential
construction was especially strong, rising from December by 2.1 percent on a
seasonally adjusted basis to $554.785 and by 9.0 percent compared to the
previous January. Single-family construction spending gained 2.8 percent and
9.6 percent compared to the two earlier periods to an annual rate of $298,787
billion. Multifamily spending was flat for the month at $57.253 billion and
down 8.3 percent on an annual basis.
Read Full Article