Multifamily spending growth is occuring at record-breaking levels, as single-family and home improvement (remodeling) growth have been steadily climbing.
Multifamily spending growth is occuring at record-breaking levels, as single-family and home improvement (remodeling) growth have been steadily climbing.

Private residential construction spending reached the highest rate since November 2007. NAHB analysis of Census Construction Spending data shows that total private residential construction spending for February increased to a seasonally adjusted annual rate of $448 billion, up by 0.9% over January’s revised estimate.

National Association of Home Builders economics research analyst Na Zhao notes that multifamily spending continued its strong growth, reaching $59.7 billion, which exceeded the January record of $59.2 billion. Zhao reports that both single-family and remodeling spending trends were up on a year-on-year basis. Zhao writes:

The NAHB-constructed spending index, which is shown in the [accompanying] graph (the base is January 2000), highlights the record-breaking gains by multifamily construction and steady growth in single-family construction spending. NAHB anticipates accelerating growth for single-family spending in 2016.

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