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In December 2016, aggregate monthly housing data were mixed. Overall permits declined month-over-month and in creased minimally year-over-year. Single-family permits declined month-over-month. New single-family house construction spending improved minimally on a month-over-month basis and year-over-year basis. The February 9th Atlanta Fed GDPNow™ model projects aggregate residential investment spending to increase at a 5.3 percent seasonally adjusted annual rate in Quarter 1; new residential investment spending was estimated at 10.2 percent; and improvements were projected 3.3 percent.1 Regionally, data were mixed across all sectors.
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Issued in furtherance of Cooperative Extension work, Virginia Polytechnic Institute and State University, Virginia State University, and the U.S. Department of Agriculture cooperating. Edwin J. Jones, Director, Virginia Cooperative Extension, Virginia Tech, Blacksburg; M. Ray McKinnie, Administrator, 1890 Extension Program, Virginia State University, Petersburg.
February 27, 2017