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Multifamily Construction Spending Up Almost 40 Percent

Posted in Industry News

Multifamily Construction Spending Up Almost 40 Percent

The U.S. Census Bureau recently released its latest estimate on residential construction spending, which showed gains in both the single-family and multifamily sectors since July 2013. A new article from the National Association of Home Builders reported on the rise, with single-family construction spending up 9.9 percent, while spending in the multifamily construction sector increased significantly by 38.4 percent.

According to the August NAHB/ Wells Fargo Housing Index, the increase in construction spending matches the improvement in builder sentiment, as the index went up another two points in August to 55. When the index reading is above 50, it is a clear indication that more builders than not see the market improving rather than getting worse.

Read the full article from NAHB here.

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