Residential construction rose on a seasonally adjusted basis in December from the year-ago period, despite yearly totals at their lowest level since 1995.
The Census Bureau adjusted annual rate in December increased to $248.5 billion, a 0.7% and 3.8% gain in spending month-over-month and year-over-year. The nonadjusted rate for December fell to $17.8 billion from $20.5 billion in November, but rose from $17.2 billion a year earlier.
Actual housing construction spending for 2011 dipped 1.7% to $244.4 billion, its lowest mark since $228.1 billion 16 years ago. Government residential spending, which includes Section 8 and other public housing projects, plummeted 17% to $8.2 billion last year.
via Housing construction spending hits 16-year low | HousingWire.
Travis Saxton is the marketing and technology manager at REAL Trends. Prior to operating this arm for REAL Trends, Travis was the director of online services for a newspaper consulting company. He greatly enjoys working with real estate companies adapt new cutting edge strategies and perfecting their online presence and systems. He has experience in the following areas: Websites, SEO/SEM, CRM/Lead Generation Systems, Traditional Marketing and Social Media Marketing, Real Estate Technology Consulting.
