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.