Construction spending flat in November
|Summary
Elevated rates continue to constrain construction
Total construction spending was essentially unchanged in November as a modest gain in residential outlays helped offset a small decline in nonresidential spending. The residential rise was driven by growth in single-family and home improvement outlays, reflecting home builders' ability to offer incentives to shore up demand and low supply in the existing home market. Although data center, power and highway & street outperformed, most other nonresidential segments weakened during the month. All told, total construction spending continues to moderate as elevated interest rates and tight credit conditions weigh on activity.
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