While private residential construction spending in January stood at $433.2 billion, unchanged from December, the total for multifamily spending rose to a seasonally adjusted rate of $59.8 billion. This number exceeds the peak readings registered during the housing boom years and is a 30 percent increase from a year earlier, Eye on Housing reports.
Meanwhile, private single-family construction spending was at a seasonally adjusted annual rate of $230 billion, which is down 0.2 percent from December, but 6.6 percent higher than a year ago. Spending on home improvements slightly decreased to $143 billion. Spending for single-family homes is expected to accelerate in 2016.
For a full breakdown of the numbers and to view accompanying charts, click the link below.
PB Topical Ref
