Spending on construction of new residential housing and improvements to existing homes is at a three-year high, a trend that may boost sales at Home Depot Inc. (HD) and Lowe’s Cos. (LOW)
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.
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