In keeping with unusually high softwood lumber prices for the season and a seemingly-unstoppable US real estate market, the latest US construction spending data provides further insight.
Total Construction:
Total US construction spending during September 2020 was estimated at a seasonally adjusted annual rate of US$1,414 billion, basically flat compared to the revised August estimate of $1,410 billion, said the US Census Bureau November 2.
The September figure is +1.5% above the September 2019 estimate of US$1,393 billion.
During the first nine months of this year, construction spending amounted to US$1,059 billion, +4% above the US$1,017 billion for the same period in 2019.
Private Construction
More relevant to solid wood sales, spending on US private construction was at a seasonally adjusted annual rate of US$1,075 billion, +1% above the revised August estimate of US$1,065 billion.
Residential construction was at a seasonally adjusted annual rate of US$611 billion in September, +3% above the revised August estimate of US$594 billion.