NAHB analysis of Census construction spending data released Tuesday shows that total private US residential construction spending for October increased to a seasonally adjusted annual rate of US$399 billion. On a month-over-month basis, private single-family spending was US$226 billion, up by 1.6 per cent over the revised September estimate. Private multifamily spending increased to US$58 billion, up by 1.4 per cent.
Annually, the pace of multifamily spending rose 28 per cent from the October 2014 estimate, and spending on single-family construction was 11 per cent higher.
The monthly growth rate of multifamily construction fell to 1.4 per cent in October from relatively higher rates in August (8 per cent) and September (6 per cent). NAHB anticipates accelerating growth for single-family spending in 2015.
The pace of total nonresidential construction spending increased by 1 per cent monthly in October, and the annual increase from the revised September 2014 estimate was 11 per cent. The largest contribution to this year-over-year nonresidential spending gain was made by the class of manufacturing-related construction (41 per cent increase), followed by lodging (30 per cent increase) and amusement/recreation (24 per cent increase).