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Residential Construction Spending Up From Last Year

According to the latest data from the U.S. Census Bureau, construction spending in the residential category increased by 7.5 percent since last year. The improvement was seen in both single-family and multifamily sectors, says a new report from the National Association of Home Builders (NAHB). From May 2013, construction spending in single-family went up by 12.3 percent, while multifamily saw an increase of 33 percent.

The current reading is down 1.5 percent from the April estimate, though. In fact, the three factors of residential construction all saw decreases in May. The home improvements category fell 1.9 percent, single-family spending fell 1.4 percent, and multifamily spending fell 0.6 percent.

Still, even with a month-over-month decline, May’s reading shows significant growth from last year, showing strong builder optimism in the current housing market.

Read the full article from NAHB here.

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