Posted in Industry News
Annual Gains for Residential Construction Spending Continues
According to a recent NAHB analysis of Census construction spending data, spending for both private single-family construction and multifamily construction is on the rise. Single-family construction spending increased 9.7% and multifamily construction spending increased 31.5%.
For the month of February, the annual rate of single-family construction spending was down 1.4% from January at $203.9 billion, but continues to be above spending compared to this time last year. The February rate of multifamily construction spending was up 4.1% to $50.9 billion.
While multifamily spending is thus far leading the recovery for the residential construction sector, NAHB expects gains for multifamily to slow in 2015, while single-family construction increases.
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