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In November, aggregate monthly housing data were mixed. Overall permits declined month-over-month and year-over-year and 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 January 13th Atlanta Fed GDPNow™ model projects aggregate residential investment spending increased at a 9.2 percent (seasonally adjusted annual rate); new residential investment spending was estimated at 9.5 percent; and improvements were projected 3.4 percent in 2016 (based on December 16 data).1Regionally, 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