Spending on new-home construction and major home improvement projects were at a three-year high for the quarter that ended March 31st, according to Bloomberg News, citing the latest figures from the Bureau of Economic Analysis.
From the Bloomberg report:
Private-residential fixed investment, which includes major replacements such as new roofs and improvements like finishing a basement, rose 9.1 percent from a year earlier to an annualized $360.7 billion for the three months ended March 31. This marks the fourth consecutive quarter of nominal increases and was the fastest pace of yearly growth since 2006, Bureau of Economic Analysis data show.
The article surmised that the upturn could be good news for Home Depot and Lowe’s.
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