US Construction Spending Up 1% In December Led By Housing
The increase followed a 1.1% gain in November, the
While home construction is gaining, there was a 1.7% decline in nonresidential construction, which had declines in hotel and motel construction and in the category that includes shopping centers.
Spending on government projects which had been hit by falling tax revenues rose 0.5% in December.
In an era of extraordinarily how interest rates, housing has been a star performer over the past year even as other parts of the economy are ravaged by the COVID-19 pandemic.
Economists believe the sharp split between a strong housing sector and weak nonresidential construction may narrow in the coming year as the country pulls out of the pandemic-induced recession.
“We look for a gradual recovery in private, nonresidential investment as the recovery takes hold while we expect the pace of housing starts to moderate slightly,” said
She said she expected government construction would continue to be constrained by tight state and local budgets.
Construction totaled
By contrast, nonresidential construction was down 9.8% from
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