Following months of decline, private residential construction spending increased slightly in November
Jan. 3, 2025
Image: bilanol / stock.adobe.com
Single-family costs drove up residential construction spending in November.
In November, private residential construction spending rose slightly. Month-over-month, construction spending increased by 0.1%, while year-over-year, it grew by 3.1%, according to the National Association of Home Builders’ Eye On Housing blog. This growth was largely due to increased spending on single-family homes. Single-family construction spending grew by 0.3%, following a five-month decline from April to August.
However, single-family construction remained 0.7% lower than a year ago. Improvement spending rose by 0.4% in November and was 13.4% higher compared to the same period last year. In contrast, multifamily construction spending declined by 1.3% in November, following a 0.3% increase in October. Compared to a year ago, multifamily construction spending was still 9.5% lower.Read more
