Construction spending increased 0.4% month-over-month to $1.6 trillion in November, the U.S. Census Bureau reported.
Compared with November 2020, construction spending increased 9.3%.
Both residential and nonresidential private construction recorded gains, with residential spending surging 16.3% and nonresidential growing 6.7% year-over-year. It’s the fifth consecutive month of spending gains for nonresidential construction, which has been more negatively impacted than residential since the start of the pandemic, according to an analysis by the Associated General Contractors of America.
The full construction spending report can be found here.
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