Home Building Leads Construction Spending in November

Construction spending was heavily weighted toward single-family homebuilding in November, according to an analysis of government data by the Associated General Contractors of America. Residential construction soared 2.6 percent last month and 16.2 percent year-over-year, contrasting a 0.6 percent decline in private and public nonresidential spending in November and a 4.7 percent tumble from a year ago.

Construction spending totaled $1.46 trillion at a seasonally adjusted annual rate, up 0.9 percent from October and 3.8 percent from November 2019.