An NAHB analysis of Census construction spending data found that single-family construction spending increased 11.4 percent and multifamily construction spending increased 28.9 percent.
According to the association, increased construction spending reflects improving market conditions. The NAHB added that builder sentiment in the multifamily segment is positive, as rents remain high and vacancy rates low.
The same goes for single-family builders, as many are kept optimistic by the increase in new-home sales and improvements in the labor market.
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