Steel Markets
December 1, 2020
Home Building Leads October Construction Spending
Written by Sandy Williams
Residential construction spending expanded for the fifth month in October, rising 2.9 percent led by a 5.6 percent jump in single-family home building. Nonresidential construction, however, was flat in October as the private sector worried about the pandemic and budgets remained tight at the state and local levels.
Total construction spending for the month was $1.44 trillion at a seasonally adjusted annual rate, said the Associated General Contractors of America in their latest analysis of government data. October construction spending rose just 1.3 percent from September and 3.7 percent from a year ago and was almost entirely due to the residential construction sector. Private and public nonresidential spending were essentially unchanged from September and fell 3.7 percent from October 2019.
