{"id":107129,"date":"2021-01-04T17:56:52","date_gmt":"2021-01-04T17:56:52","guid":{"rendered":"https:\/\/precoinnews.com\/?p=107129"},"modified":"2021-01-04T17:56:52","modified_gmt":"2021-01-04T17:56:52","slug":"u-s-construction-spending-races-to-record-high-in-november","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/u-s-construction-spending-races-to-record-high-in-november\/","title":{"rendered":"U.S. construction spending races to record high in November"},"content":{"rendered":"

WASHINGTON (Reuters) – U.S. construction spending rose to a record high in November, boosted by a robust housing market amid historically low mortgage rates, which could help blunt some of the hit on the economy from raging COVID-19 infections.<\/p>

FILE PHOTO: A home under construction stands behind a “sold” sign in a new development in York County, South Carolina, U.S., February 29, 2020. REUTERS\/Lucas Jackson\/File Photo<\/figcaption>

The Commerce Department said on Monday that construction spending increased 0.9% to $1.459 trillion, the highest level since the government started tracking the series in 2002. Data for October was revised higher to show construction outlays accelerating 1.6% instead of 1.3% as previously reported.<\/p>\n

Strong construction spending supports economists\u2019 predictions that the economy grew at around a 5% annualized rate in the fourth quarter. The sharp step-down from a record 33.4% pace in the third quarter reflects a resurgence in coronavirus cases, which has slammed the services sector.<\/p>\n

Growth is also slowing following the exhaustion of more than $3 trillion dollars in government pandemic relief and delays in approving another rescue package. Nearly $900 billion in fiscal stimulus was approved in late December.<\/p>\n

Construction spending accounts for about 5% of gross domestic product.<\/p>\n

\u201cThe data imply modest upside risk for our GDP growth forecast of a 4.3% rate in the fourth quarter,\u201d said Mike Englund, chief economist at Action Economics in Boulder, Colorado. \u201cThe housing boom is lifting construction activity overall … despite some stalling in the transactions-related housing data in recent months.\u201d<\/p>\n

Economists polled by Reuters had forecast construction spending would rise 1.0% in November. Construction spending increased 3.8% on a year-on-year basis in November.<\/p>\n

Spending on private construction projects increased 1.2%, fueled by investment in single-family homebuilding amid record-low mortgage rates and a pandemic-driven migration to suburbs and low-density areas. That followed a 1.6% advance in October.<\/p>\n

Spending on residential projects increased 2.7% after surging 3.2% in October.<\/p>\n

But outlays on nonresidential construction like gas and oil well drilling fell 0.8% in November. The pandemic has depressed prices, leading to a contraction in spending on nonresidential structures in the third quarter. The fourth straight quarterly drop in investment in nonresidential structures bucked a rebound in overall business investment.<\/p>\n

Spending on public construction projects eased 0.2% in November after rising 1.6% in October. State and local government outlays edged up 0.1%, while federal government spending dropped 4.2%.<\/p>\n

\u201cNonresidential and public construction remain subdued owing to weak demand related to disruptions from virus containment as well as budget constraints,\u201d said Rubeela Farooqi, chief U.S. economist at High Frequency Economics in White Plains, New York.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

WASHINGTON (Reuters) – U.S. construction spending rose<\/p>\n","protected":false},"author":3,"featured_media":107128,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23054],"tags":[],"yoast_head":"\nU.S. construction spending races to record high in November - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/markets\/u-s-construction-spending-races-to-record-high-in-november\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"U.S. construction spending races to record high in November - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"WASHINGTON (Reuters) – U.S. construction spending rose\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/markets\/u-s-construction-spending-races-to-record-high-in-november\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-01-04T17:56:52+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/01\/cnewsfotor9-1.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/markets\/u-s-construction-spending-races-to-record-high-in-november\/\",\"url\":\"https:\/\/precoinnews.com\/markets\/u-s-construction-spending-races-to-record-high-in-november\/\",\"name\":\"U.S. construction spending races to record high in November - Pre Coin News\",\"isPartOf\":{\"@id\":\"https:\/\/precoinnews.com\/#website\"},\"datePublished\":\"2021-01-04T17:56:52+00:00\",\"dateModified\":\"2021-01-04T17:56:52+00:00\",\"author\":{\"@id\":\"https:\/\/precoinnews.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a\"},\"breadcrumb\":{\"@id\":\"https:\/\/precoinnews.com\/markets\/u-s-construction-spending-races-to-record-high-in-november\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/precoinnews.com\/markets\/u-s-construction-spending-races-to-record-high-in-november\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/precoinnews.com\/markets\/u-s-construction-spending-races-to-record-high-in-november\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/precoinnews.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Markets\",\"item\":\"https:\/\/precoinnews.com\/category\/markets\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"U.S. construction spending races to record high in November\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/precoinnews.com\/#website\",\"url\":\"https:\/\/precoinnews.com\/\",\"name\":\"Pre Coin News\",\"description\":\"precoinnews.com\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/precoinnews.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/precoinnews.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a\",\"name\":\"mediabest\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/precoinnews.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/f5f13cb3b94fc348d515c0951f6ca073?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/f5f13cb3b94fc348d515c0951f6ca073?s=96&d=mm&r=g\",\"caption\":\"mediabest\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"U.S. construction spending races to record high in November - Pre Coin News","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/precoinnews.com\/markets\/u-s-construction-spending-races-to-record-high-in-november\/","og_locale":"en_US","og_type":"article","og_title":"U.S. construction spending races to record high in November - Pre Coin News","og_description":"WASHINGTON (Reuters) – U.S. construction spending rose","og_url":"https:\/\/precoinnews.com\/markets\/u-s-construction-spending-races-to-record-high-in-november\/","og_site_name":"Pre Coin News","article_published_time":"2021-01-04T17:56:52+00:00","author":"mediabest","twitter_card":"summary_large_image","twitter_image":"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/01\/cnewsfotor9-1.jpg","twitter_misc":{"Written by":"mediabest","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/precoinnews.com\/markets\/u-s-construction-spending-races-to-record-high-in-november\/","url":"https:\/\/precoinnews.com\/markets\/u-s-construction-spending-races-to-record-high-in-november\/","name":"U.S. construction spending races to record high in November - Pre Coin News","isPartOf":{"@id":"https:\/\/precoinnews.com\/#website"},"datePublished":"2021-01-04T17:56:52+00:00","dateModified":"2021-01-04T17:56:52+00:00","author":{"@id":"https:\/\/precoinnews.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a"},"breadcrumb":{"@id":"https:\/\/precoinnews.com\/markets\/u-s-construction-spending-races-to-record-high-in-november\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/precoinnews.com\/markets\/u-s-construction-spending-races-to-record-high-in-november\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/precoinnews.com\/markets\/u-s-construction-spending-races-to-record-high-in-november\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/precoinnews.com\/"},{"@type":"ListItem","position":2,"name":"Markets","item":"https:\/\/precoinnews.com\/category\/markets\/"},{"@type":"ListItem","position":3,"name":"U.S. construction spending races to record high in November"}]},{"@type":"WebSite","@id":"https:\/\/precoinnews.com\/#website","url":"https:\/\/precoinnews.com\/","name":"Pre Coin News","description":"precoinnews.com","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/precoinnews.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/precoinnews.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a","name":"mediabest","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/precoinnews.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/f5f13cb3b94fc348d515c0951f6ca073?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/f5f13cb3b94fc348d515c0951f6ca073?s=96&d=mm&r=g","caption":"mediabest"}}]}},"_links":{"self":[{"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/posts\/107129"}],"collection":[{"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/comments?post=107129"}],"version-history":[{"count":0,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/posts\/107129\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/media\/107128"}],"wp:attachment":[{"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/media?parent=107129"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/categories?post=107129"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/tags?post=107129"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}