Construction spending rises in November
Residential Continues to Roar
- The divergence between residential and nonresidential construction continued in November. Residential rose 2.6% during the month—its sixth consecutive monthly gain. Low mortgage rates and the race for space to accommodate virtual activities has boosted residential spending, which is now up 16.2% over the year. Despite still-strong residential demand, soaring lumber prices may weigh on activity in coming months.
Nonresidential Activity Still Lagging
- Nonresidential sunk 0.6% during the month. Commercial fell 0.6%, while healthcare slipped 1.5%. Power construction dipped 0.9% and lodging declined 8.3%. Not all categories weakened. Highway & street spending rose 1.8%, while transportation, educational and office spending each advanced 0.3%. Nonresidential continues to be sapped by the dangers posed by indoor activities and spending is now down 4.7% over the year.
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