Mortgage Industry News
« Return to Mortgage Industry News
Residential Construction Spending Up 7%
Thursday, October 1, 2020
Construction spending expanded again, with
residential construction among the healthier sectors. The U.S. Census Bureau
put total August public and private construction spending at a seasonally
adjusted annual rate of $1.413 trillion compared to $1.393 trillion in July.
This is a 1.4 percent increase and is 2.5 percent higher than the prior August. On a non-adjusted basis, the spending was $130.183
billion, about $3 billion more than in July. For the year-to-date (YTD), total
expenditures of $927.705 billion are 4.2 percent above the total during the
same period in 2019. Private sector spending was at a
seasonally adjusted rate of $1.061 trillion, 1.9 percent more than in July and
1.5 percent ahead of spending in August of last year. For the YTD, private
sector spending, at $696.743 billion is 3.6 percent ahead of last year.
Read Full Article