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U.S. Home Building on the Rise?

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Residential builds push Nov. construction spending up 0.8%

WASHINGTON (AP) – Feb. 1, 2019 – U.S. construction spending edged up in November as a gain in home building helped offset weakness in nonresidential construction.

The Commerce Department said Friday that construction spending rose 0.8 percent in November after a 0.1 percent gain in October and a 1.8 percent fall in September.

The strength in November came from a 3.5 percent jump in spending on home building. That reflected a 2.6 percent increase in apartment construction which offset a 1.8 percent drop in single-family construction.

Non-residential construction fell 1.2 percent, with spending on offices and the category that covers shopping centers both down.

Public construction activity was also down in November, falling 0.9 percent after a 1.5 percent gain in October.

Release of the November construction report had been delayed because of the partial government shutdown.

AP Logo Copyright © 2019 The Associated Press, Martin Crutsinger. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

                                                                                                                                                 

Information provided by Florida Realtors.  Click here to see the original article.

Reprinted with permission Florida Realtors. All rights reserved. 

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