Share this on FacebookDecember 1st, 2020 | by NEWCA
The construction industry received some much-needed good news this week when the U.S. Commerce Department reported that construction spending jumped 1.3 percent beating forecasts of .8 percent. Overall construction spending increased 3.7 percent on a year-on-years basis as well in October.
The increases came with solid gains in both private- and public-sector project investment.
According to Reuters:
“Spending on private construction projects advanced 1.4 percent, fueled by investment in homebuilding amid record-low mortgage rates and a pandemic-driven migration to suburbs and low-density areas. Spending on residential projects shot up 2.9 percent.”
Public construction project spending went up 1 percent.
You can read more here.