The NAHB's Na Zhao offers up an analysis of Census construction spending info which shows that private residential construction spending increased in September on both the single- and multifamily sides.

Total residential construction spending for single-family was $222 billion in September, up 1.3% month-over-month. Meanwhile, multifamily spending rose 5% month-over-month, to $57 billion.

Annually, the pace of multifamily spending rose 27% from the September 2014 estimate, and spending on single-family construction was 13% higher ... recent gains have been driven by the steady increase in multifamily construction spending.

The pace of the multifamily spending is gradually slowing. NAHB anticipates accelerating growth for single-family spending in 2015.

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