November construction spending data
- Prior was -0.8% and revised sharply higher to 0.1%
- Construction spending rose 0.6% versus 0.4% estimate
- private construction rose 0.4%
- public spending rose 0.9%
- private homebuilding rose by 1.9%
- private nonresidential structures which includes manufacturing power plants dropped for the 3rd straight month. It fell -1.2% to the lowest level since November 2018
- spending on public construction projects rose 0.9%
- spending on local government construction projects rose by 0.8%
- spending on federal government construction projects (which represent a small sliver of overall public construction) increase by 1.7%
the lower rates from the Fed and lower mortgage rates are helping to give the homebuilders some confidence. However investment by nongovernment entities is a concern.
