Bidenflation: Home Construction Spending Slumps Despite House Shortage Pushing Prices Sky HighJohn Carney 1 Dec 2021
Homebuilders pulled back on construction spending in October despite robust demand for houses that has pushed home prices up more than 19 percent compared with a year ago.
Spending on new single-family home construction by the private sector slumped 0.8 percent compared with September, according to data released Wednesday by the Census Bureau. Spending on multi-family construction fell 0.1 percent.
The Census Bureau data are seasonally adjusted. On an unadjusted basis, single-family home construction spending by the private sector fell by nearly 2.5 percent.
Overall construction spending rose 0.2 in October due to an increase in government spending. Public-sector construction spending rose by a seasonally adjusted 0.4 percent. Highway and street spending rose 2.4 percent seasonally adjusted.
Seasonal adjustments, however, played a big role in that figure. Unadjusted, overall public sector construction spending fell 5.7 percent and highway spending crashed 8.8 percent. One way of interpreting the gap between the adjusted and unadjusted figures is that the decline in spending before adjustments was much less than would be seasonally expected as summer moved into autumn.
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https://www.breitbart.com/economy/2021/12/01/bidenflation-home-construction-spending-slumps-despite-house-shortage-pushing-prices-sky-high/
