MetroIntelligence Economic Update by P. DUFFY
Construction spending up 0.4 percent in November and 9.3 percent year-on-year
Construction spending during November 2021 was estimated at a seasonally adjusted annual rate of $1,625.9 billion, 0.4 percent above October and 9.3 percent above November 2020. During the first eleven months of this year, construction spending amounted to $1,463.2 billion, 7.9 percent (±1.0 percent) above the $1,355.6 billion for the same period in 2020.
30 percent of millennial home buyers started house shopping earlier than planned in 2021
Long after the pandemic brought a wave of lockdowns, travel restrictions, and other sweeping changes to daily life, millennials remain eager to purchase homes of their own. Millennials want homes that are both affordable and spacious, especially as we enter an era of remote work and decreased access to public spaces. Nearly one-third of millennials (30%) say COVID-19 pushed them to begin house hunting earlier than they originally planned.
3Q GDP growth ranged from 6.0 to -3.3 percent depending on state
Real gross domestic product (GDP) increased in 37 states and the District of Columbia in the third quarter of 2021, as real GDP for the nation increased at an annual rate of 2.3 percent. The percent change in real GDP in the third quarter ranged from 6.0 percent in Hawaii to –3.3 percent in New Hampshire and North Dakota.