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WASHINGTON (Reuters) – U.S. construction spending unexpectedly rebounded in November, boosted by gains in nonresidential structures but alone Homebuilding continues to be hit by higher mortgage rates.
Construction spending climbed to zero, the Commerce Department said on Tuesday. It fell 2 percent in November after falling 0.2 percent in October.
Economists polled by Reuters had forecast construction spending would fall 0.4%. Construction spending rose 8.5% in November from a year earlier.
Spending on private construction projects rose 0.3% after falling 0.7% in October.
Investment in private nonresidential structures, such as natural gas and oil drilling, rose 1.7 percent.
But residential construction spending fell 0.5%, led by a 2.9% drop in spending on single-family housing projects. Spending on multifamily housing projects rose 2.4 percent, benefiting from strong demand for rental housing.
The Fed has raised interest rates at the fastest rate to curb the inflation cycle since 42s are killing the real estate market, with homebuilding and sales collapsing. average Yearly Fixed Mortgage Rate for the first time since
Breaking through 7%, resuming the uptrend after a brief pullback too late 400, data from mortgage financial institutions 10001980 Freddie Mac (field Foreign transaction code: 1980FMCC) show.
Average speed 6. % last week, above 6.% in the previous week. Average 3.% during the same period in 50.
Residential investment contracted for six consecutive quarters, the first since
The longest run since the real estate crash. Spending on public works projects fell 0.1% in November after rising 1.6% in October. State and local government investment in construction projects fell 0.7%, while federal government construction spending surged 7.2%. 200