Single family construction spending up in October

By / 1 week ago

The National Association of Home Builders provides analysis on its Eye on Housing blog that shows Census Construction Spending data indicating total private residential construction spending grew 0.4% in October to a seasonally adjusted annual rate of $517.7 billion. It was a modest gain after a 0.2% dip in September. The total private residential construction spending was 7.4% higher than a year ago.

NAHB attributes the monthly gains to the steady growth of spending on single-family and home improvements. Single-family construction spending edged up 0.3%, and remodeling spending rebounded by 1.4% in October. However, multifamily construction spending slipped 1.6% after the September dip, and was 2% lower since a year ago.

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