The latest Census estimate shows significant gains in single-family and multifamily private residential construction spending from one year ago, said the National Association of Home Builders also Tuesday. On a 3-month moving average basis from July 2013, single-family construction spending increased 9.9 per cent and multifamily construction spending increased 38.4 per cent. The current seasonally adjusted annual rate for total private residential construction spending (single-family, multifamily, and home improvements) is US$358.1 billion.
Multi-Family Building, US
Although the home improvement component of residential construction spending is down 2.2 per cent from one year ago, the current reading is 1.2 per cent higher than the revised June estimate. In fact, all three categories of residential construction spending increased from the prior month. Single-family spending increased 0.5 per cdent and multifamily spending increased 0.2 per cent month-over-month.
The increase in construction spending matches the improvement in builder sentiment. The August NAHB/ Wells Fargo Housing Index rose another two points in to 55.