Residential construction rose 1.9% in November. Home building last exceeded the November pace shortly before 2008. Spending on single-family homes has increased 18.4% year over year, while spending on apartment buildings is up 36.3% during the same period. More than 2/3's of the residential construction market comes from single-family homes. According to the National Association of Home Builders each new home creates an average of three jobs for a year and generates about $90,000 in tax revenue.
|Construction Work on a New Dock for Lake Champlain Ferry|
According to the Associated General Contractors of America (AGC) Press Release, November's year-over-year construction employment figures show that employment in the construction industry rose in 211 of 339 metropolitan areas between November 2012 and the same month in 2013. According to a separate AGC Press Release, construction in November totaled $934 billion, up 5.9% since November 2012. With private residential construction spending rising 17% and private nonresidential spending rising 1.0% since November 2012. Public construction dropped 0.2 percent since November 2012.
While the Associated Builders and Contractors's Chief Economist Anirban Basu said the following in their Press Release, "Construction activity bounced back in November, due in part to the end of the federal government shutdown and an accompanying return to normalcy. Nonresidential construction spending was up 2.3% on a seasonally adjusted basis compared to September, which makes a better comparison because October was so unusual." "The recent acceleration in economic activity sets the stage for a much better 2014, both for the broader economy and the nonresidential construction industry," said Basu. "We can expect nonresidential construction spending to expand during the first half of the year."