US: Construction outlays build momentum in November - Wells Fargo
|Total construction outlays were up 0.8% in November which topped estimates and marks its fourth consecutive month of improvement, explained analysts from Wells Fargo. They noted that spending rose across the board, led by private residential outlays and that broad strength bodes well for investment in Q4
Key Quotes:
“Construction spending was up 0.8 percent in November on broad-based strength. Revisions to October brought growth in total outlays to an 8.8 percent three-month-average annualized growth rate in November.”
“Both public and private spending increased for the third straight month. Public spending has gained traction in recent months, but remains down 2.8 percent year to date."
“November marked another month with broad-based construction spending growth. The gains were largely driven by the residential sector, which rose 1.1 percent. Public residential was up a solid 5.1 percent after October’s decline. The 1.0 percent rise in private residential spending was driven by outlays for single-family homes and repairs. Spending for private multifamily projects was down in November but remained positive year to date.”
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