Construction Supply Magazine Architecture, Interior Design, BIM,
Construction Supply Magazine Architecture, Interior Design, BIM,
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Construction spending ticks up, led by housing

Construction spending ticks up housing

Construction spending ticks up, led by housing

 The numbers: Construction spending rose 0.8% to a seasonally adjusted annual rate of $1.3 trillion in November from a revised $1.29 trillion in October, helped by housing, the Commerce Department said Friday.  What happened: Economists surveyed by Econoday had forecast a 0.2% increase, but October figures were revised down. Outlays in November were 3.4% higher than a year ago, and for the first 11 months of 2018, were 4.5% higher than the same period in the prior year.  Big picture: Residential construction spending was up 3.4% during the month, and was 0.6% higher for the year. That’s good news for the supply-starved housing sector. In November, overall private-sector spending was 1.3% higher for the month, edging out a 0.9% decline in public-sector spending.  See also: Construction hiring is booming — and there still are plenty of available jobs  Market reaction: Companies tied to residential construction, like D.R. Horton, Inc. DHI, -1.20%  , and Toll Brothers, Inc. TOL, +0.08%  , have rebounded smartly since the start of the year. But industrials are lagging: Caterpillar Inc. CAT, -1.69%   has gained about 5% for the year to date, below the 8% increase for the S&P 500 SPX, +0.09%  .

The numbers: Construction spending rose 0.8% to a seasonally adjusted annual rate of $1.3 trillion in November from a revised $1.29 trillion in October, helped by housing, the Commerce Department said Friday.

What happened: Economists surveyed by Econoday had forecast a 0.2% increase, but October figures were revised down. Outlays in November were 3.4% higher than a year ago, and for the first 11 months of 2018, were 4.5% higher than the same period in the prior year.

Big picture: Residential construction spending was up 3.4% during the month, and was 0.6% higher for the year. That’s good news for the supply-starved housing sector. In November, overall private-sector spending was 1.3% higher for the month, edging out a 0.9% decline in public-sector spending.

See also: Construction hiring is booming — and there still are plenty of available jobs

Market reaction: Companies tied to residential construction, like D.R. Horton, Inc. DHI, -1.20%  , and Toll Brothers, Inc. TOL, +0.08%  , have rebounded smartly since the start of the year. But industrials are lagging: Caterpillar Inc. CAT, -1.69%   has gained about 5% for the year to date, below the 8% increase for the S&P 500 SPX, +0.09%  .


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