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Total private residential construction spending grew 0.5 percent in December to a seasonally adjusted annual rate of $466.9 billion, but single-family spending declined 0.9 percent from the year before.
NAHB Eye on Housing analyzed Census Construction Spending data and noted that single-family construction was 0.5 percent higher in December from the previous month. Multifamily construction spending rose 2.8 percent from December and 11.7 percent from the year before. Home improvement spending decreased 0.6 percent from November but was still up 6.6 percent from December 2015.
The value of all private residential construction put in place reached $456.2 billion (not seasonally adjusted) in 2016, 5.2% higher than the total for 2015 ($433.7 billion). Similarly, spending on nonresidential structures grew to $420.1 in 2016, 7.8% higher than one year prior.
