Total private residential construction spending stood at a seasonally adjusted annual rate of $533.4 billion in February, up 0.1% from an upwardly revised January estimate, according to an NAHB analysis of Census Construction Spending data. Total private residential construction spending was up 5.5% over the past 12 months, NAHB’s Eye on Housing reports.
The monthly gains are largely attributed to the large increase in single-family and multifamily construction spending. Single-family construction spending increased 0.9% after advancing at the same margin in January. Spending on multifamily construction was up 1.2% after a decline of 1.7% in the prior month, reaching a $63.8 billion annual pace in February. Remodeling spending declined for the second month in a row, down 1.5% in February. On a year-over-year basis, however, spending on home improvements increased by 1.4%.
In addition, the NAHB analysis found that private nonresidential construction increased 1.5% in February to a seasonally adjusted annual rate of $448.6 billion.
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