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Pacer Benchmark Data & Infrastructure Real Estate SCTR
The first reports in December are in, and both were negative.
Let's start with construction spending. Overall construction spending declined -0.8% in October. The more leading residential construction spending declined -0.9%, the second decline in a row (blue in the graph below):
Figure 1
Since actual spending on residential construction doesn't take place until the house is started, it lags building permits (red in the graph above). So given the strong rebound in permits, I'm not concerned at this point about a renewed decline in construction, as I expect it will follow permits as well.