Residential construction spending has steadily increased over the last 8 months, with November reaching 0.4 percent. Paul Ashworth, chief U.S. economist for Capital Economics said, “this is a volatile series month to month, the recent surge in housing starts suggests that residential construction spending will expand at a fairly rapid pace this year.” While residential construction continues to grow, commercial projects are decreasing approximately 0.7 percent., Ashworth also stated “the decline in construction spending was nothing too much to worry about.” More here
