Private residential construction spending remained relatively unchanged in January, but posted strong growth compared to January 2015, according to a release from the Commerce Department Tuesday morning.
Spending on private residential construction posted a seasonally adjusted annual rate of $433.2 billion, close to the revised $433.1 billion in December, but up 7.7% from last January's $402.2 billion. The private residential construction sector has been fairly stable the past 24 months, and spending has been on the rise for the past three months.
In January, approximately $59.8 billion was spent on new multifamily construction, a remarkable 30.4% growth year-over-year. Spending on new single family construction was at a seasonally adjusted annual rate of $230.1 billion, down -0.2% month-over-month, but up 6.6% year-over-year.
The overall construction industry spent a total of around $1.14 trillion in January, a 1.5% increase from December and a 10.4% increase from January 2014. At $439.0 billion in January, total residential construction spending (including private and public) has increased 7.6% compared to 12 months ago.
Read the full Value of Construction Put in Place Survey release here >>