United States construction spending was up 0.6% in November 2019, according to a report released by the U.S. Census Bureau last week.
November marks the fifth consecutive month in which spending has increased, and the most recent numbers are welcome news after an increase of only 0.1% in October 2019.
Residential and federal projects helped to offset a continued decline in nonresidential construction. Home construction was up 1.9%, and government project spending was up 0.9%. Nonresidential construction saw the biggest drop since April 2019, down 1.2%.
Economists expect the rebound in residential construction to continue well into 2020.
For more information, check out this article from the Associated Press.