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In October, aggregate monthly housing data, based on a month-over-month comparison, were decidedly positive. New housing starts rebounded sharply from September. Yet, new single-family house sales were negative on a month-over-month and single-family construction spending was negative year-over-year. New single-family sales have been mixed for the past few months. The December 9th Atlanta Fed GDPNow™ model projects aggregate residential investment spending to increase at a 10.7 percent seasonally adjusted annual rate; new residential investment spending was estimated to rise 12.4 percent; and improvements were projected to increase 4.3 percent in 2016. 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.
December 19, 2016