Skip to main content

Construction Spending Down Slightly

Phil Hall
Feb 04, 2020
Photo credit: Getty Images/Maudib

Construction spending recorded a mild 0.2 percent decline from November to December, with single-family homebuilding helping to stave off a greater decrease, according to a new analysis of federal data released today by the Associated General Contractors of America.
 
During December, construction spending totaled $1.328 trillion at a seasonally adjusted annual rate. Compared to one year earlier, spending was up by 5 percent. Private residential spending increased 1.4 percent for the month, fueled by a 2.7 percent increase in single-family homebuilding. But private nonresidential spending dropped by 1.8 percent from the previous month and was a wispy 0.1 percent lower than the December 2018 level. Public construction spending was down 0.4 percent from November but jumped 11.5 percent from a year earlier.
 
For the full year of 2019, spending totaled $1.303 trillion, down 0.3 percent from the 2018 total. Private residential spending declined 4.7 percent for the year, private nonresidential spending was flat, and public construction spending increased 7.1 percent.
 
“Both the actual spending totals for December and our members’ expectations for 2020 point to a positive year for all major categories of construction,” said Ken Simonson, the association’s chief economist. “Continuing job gains throughout the nation, along with low interest rates, make a good year for residential construction especially likely, while spending many nonresidential categories should match or exceed 2019 levels.”

 
Published
Feb 04, 2020
Federal Regulators Race To Address Cryptocurrency Risks

Cryptocurrency is quickly morphing into a volatile but widely embraced innovation, and federal regulators are racing to address the potential risks to consumers and the market. 

Industry News
Sep 24, 2021
MBA Initiative Seeks To Close Racial Homeownership Gap

Says its advocacy, partnerships & connections will help increase opportunities for minority borrowers

Industry News
Sep 24, 2021
Guaranteed Rate Opens New Branch In Southwestern Michigan

Guaranteed Rate expanded its presence in Southwester Michigan, after opening a new branch in St. Joseph

Industry News
Sep 22, 2021
Chinese Property Giant Evergrande Falters, Threatening U.S. Investors

On Monday, investors across three continents dumped their stocks, mainly out of fear that the world’s two largest governments — the United States and China — would undercut the beginnings of a global economic recovery. 

Industry News
Sep 22, 2021
Compass Mortgage Expands In Four Additional States

Compass Mortgage is now licensed in Virginia, Washington, North Carolina and South Carolina.

Industry News
Sep 22, 2021
Enact Holdings Completes IPO

Genworth Financial Inc. announced the completion of the initial public offering for its subsidiary Enact Holdings Inc.

Industry News
Sep 21, 2021