RESIDENTIAL Construction Spending for October Up 2.9% from Sept
Sept spending rvsd up 1.5%, Aug rvsd up 3.5%
August highest new starts monthly total ever.
Year to date Oct. spending now up 9.6% over Jan-Oct 2019
Oct monthly SAAR now 2% higher than Feb highpoint.
Residential construction starts for Jul-Aug-Sep-Oct’20 posted the highest 4mo total ever. 2nd highest was Nov-Dec’19-Jan-Feb’20. In the last 12 months residential construction starts have posted 7 of the top 10 best months ever. Also, spending in Aug, Sep and Oct is the highest since the previous residential boom in 2005-2006. Spending is now already +2% higher than previous high in Feb and 2020 finishes up +10%. Spending climbs +10% higher in 2021.