Posted in Industry News
Spending in the Residential Construction Sector Is Up Year-Over-Year
A new report from the National Association of Home Builders cited Census data that showed despite two monthly declines in a row, spending in residential construction is still higher than it was exactly one year ago. In fact, year-over-year, the value of spending in this sector is up 7.4 percent.
In June 2014, the overall value of private residential construction spending decreased 0.3 percent from May to a $356 billion seasonally adjusted annualized rate. Single-family spending was also down by 1.4 percent, totaling a $184 billion rate. Conversely, multifamily spending increased in June by 2.5 percent to a $41.8 billion rate, while spending in the remodeling sector also went up 0.4 percent to $130 billion.
The two month-over-month declines represent the slowdown in housing construction that started at the end of 2013, mainly due to the cruel weather that swept the country. Single-family construction starts were down both in December 2013 and January 2014 as a result. Now, in Q3, the housing industry is on the up swing once again.
Read the full article from NAHB here.
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