Posted To: MND NewsWire

Construction expenditures started 2021 displaying the same imbalance between the growth of residential and non-residential spending that had dominated much of 2020. The U.S. Census Bureau said overall spending in January was at a seasonally adjusted annual rate of $1.522 trillion, 1.7 percent higher than in December and 5.8 percent above the rate in January of last year. This more than doubled the median forecast which called for a 0.8 percent increase. Combined public and private spending on residential construction in January was up 21.1 percent seasonally adjusted from a year earlier. At the end of 2020, overall spending had exceeded the prior year by 4.7 percent while residential spending was 11.8 percent higher. On a non-adjusted basis, total spending for the month was $106.307 billion…(read more)

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Published On: March 1, 2021 / Categories: Mortgage News /