Posted To: MND NewsWire

Privately funded construction gained 1.5 percent month-over-month, from a seasonally adjusted $1.008 trillion in December to $1.023 trillion in January. This was a 4.9 percent increase from the previous January. On a non-adjusted basis spending fell from $78.259 billion to $73.248 billion. Privately funding spending on residential construction was especially strong , rising from December by 2.1 percent on a seasonally adjusted basis to $554.785 and by 9.0 percent compared to the previous January. Single-family construction spending gained 2.8 percent and 9.6 percent compared to the two earlier periods to an annual rate of $298,787 billion. Multifamily spending was flat for the month at $57.253 billion and down 8.3 percent on an annual basis. The non-adjusted spending on all residential construction…(read more)

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Source: Mortgage News Daily