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September Saw Increase in Single-Family Construction Spending

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September Saw Increase in Single-Family Construction Spending

Spending in the single-family construction sector saw an increase of 1.1 percent in September, according to a recent report from the National Association of Home Builders. As a component of total private residential spending, the increase in the single-family sector led to a revised annual rate of $349.1 billion overall, with a month-over-month increase of 0.4 percent in September.

Even though single-family saw strong gains, multifamily spending fell 1.0 percent while home improvements spending fell 0.3 percent in September from the revised August estimates.

Since September 2013, on a three-month moving average basis, single-family construction spending went up 9.7 percent and multifamily construction spending saw gains of 33.8 percent. Over the same period, private construction spending on home improvements decreased 13.8 percent.

Read the full article from NAHB here.

 

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