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Construction Spending Beats Expectations Rising 0.9% (ITB, XHB)
Construction spending beat expectations rising 0.9 percent month-over-month (MoM) in December.
Analysts polled by Bloomberg were looking for construction spending to rise 0.7 percent MoM.
November’s number was revised up to 0.1 percent.
Investors watch this number because of its direct bearing on homebuilder stocks and commodities.
Moreover, Bloomberg points out that private residential, nonresidential and government construction spending have an impact on three key aspects of GDP namely “residential investment, nonresidential structures investment, and the structures portion of government expenditures”.