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Construction Dollars Go Up
Construction spending went up 0.7% in January as low mortgage rates boosted the building of new homes.
Nonresidential construction also climbed to its highest level in over two years.
According to a Bloomberg article,
"The gain came after a revised 1.2 percent December advance that was first reported as a 1.1 percent gain, the Commerce Department said today in Washington. Construction spending has now increased for 12 straight months, the longest period of continuous expansion since record keeping began in 1993.
The report suggests that six increases in benchmark lending rates by the Federal Reserve since June have yet to dampen demand for homes. Housing activity may remain elevated until non- residential and government components of construction spending strengthen from their recent low levels, economists said."
"This is going to be another record year for construction spending," said James Smith, chief economist for the Society of Industrial and Office Realtors. "It's almost pre-ordained by the literally off-the-charts housing starts number in January, which was the strongest since February 1984."
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