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Construction Spending Rising Twice as Fast as Expected
Monday, March 1, 2021
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 compared to $113.334 in December and $101.121 in December
2020.
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