Multifamily Construction Spending Grows 11.4 Percent Since October 2015

A little fluctuation aside, multifamily construction spending has been expanding since 2010.

Analysis of Census Construction Spending from NAHB Eye on Housing says that multifamily construction spending reached $63.7 billion in October, up 2.8 percent over the revised September estimates. The figure is 11.4 percent higher than October 2015.

Total private residential construction spending grew 1.6 percent in October to a seasonally adjusted annual rate of $472.9 billion. … Single-family construction spending also increased by 2.8% monthly, which is the first monthly gain ever since February 2016. However, single-family spending still slipped down by 1.6% over a year ago.

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