Construction Spending Rises
Hopeful Sign for Economy
Daily Real Estate News | Wednesday, January 04, 2012
Construction spending on single-family homes, apartments, and remodeling projects increased in November, helping the economy finish 2011 strong and start 2012 with yet another sign that points to an economy finally in recovery mode, the Associated Press reports. The news joins other recent reports that show consumer confidence is up, manufacturing activity is pushing higher, and the unemployment rate is at a three-and-a-half-year low.
Construction projects in November increased 1.2 percent in November to a seasonally adjusted annual rate of $807.1 billion, the largest increase since August. Yet, the number is still about half the $1.5 trillion pace that economists consider healthy for the sector.
'While spending on single-family construction still remains extremely depressed, it has now increased for six straight months and looks consistent with other indicators signaling some improvement in the housing market,' Daniel Silver, an economist with JPMorgan Chase, told the Associated Press.
In November, spending on home improvement projects soared 9.5 percent, the Commerce Department reports. Single-family home construction spending increased 1.5 percent, and apartment building spending increased 1.3 percent in November.
Source: “Higher Manufacturing Activity, More Construction Spending Shows Growth Accelerating,” Associated Press (Jan. 3, 2012)
Doug Spiers / Principal Broker
Blog Archive2016-05-12 10:27:02
Where is Housing Headed for the Rest of 2016?
Something home sellers need to consider
Mortgage Rates Remain at Historic Lows
4 Reasons to Move Up to Your Dream Home This Sprin
Best Long-Term Investment
No Matter Which Groundhog You Listen To...
Existing Home Sales Bounce Back
Real Estate News You Need to Know Wed. 12/9/15
2016 Home Prices and Rates?
2016 Home Prices?
New Home Sales Surge
30-Year Fixed Mortgage Rates Fall to 5-Month Low;
What you need to know today.
Rates Today July 22,2015
Mortgage Rates Hit 19-Month Low
30-Year Fixed Mortgage Rate Up From 19-Month Low;
30-Year Fixed Mortgage Rates Drop
Housing Market Looking Up
US housing recovery appears to be back on track
4 in 10 US households use cellphones only
Pending Home Sales Surge 6.1%
Pending Home Sales 4/28/14
30-year-mortgage rate rises to 4.35%
Click here to see ALL articles.