Wednesday, January 27, 2021 10:06 am

Residential construction spending lags despite big gains overall

Residentual-Home-Construction PicBy Jann Swanson | Mortgage News Daily

Publicly funded construction accounted for most of the gain in overall construction spending in January. The Census Department said on Tuesday that spending on all construction was at a seasonally adjusted annual rate of $1.14 trillion during the month, an increase of 1.5 percent over December spending. Spending in the public sector rose 4.5 percent driven by a large gain in the highway and street category.

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