Single-Family Construction Spending Jumps 23%

Supply is trying to catch up with the demand as single-family construction saw a big jump in December 2020. (Markets & Mortgages)

Spending on residential construction saw the biggest across every category with a seasonally adjusted annual rate of $691.0 billion.

M-O-M: Increased 3.7% from the revised November estimate of $679.1 billion.

Y-O-Y: Increased 20.7% from the December 2019 estimate of $579.8 billion.

SINGLE FAMILY spending was up 23.7% compared to last December and multi-family was up 17.8% from December 2019.