Residential Construction Spending Continues at Highest Level Since 2007
April 2017Residential construction spending continues on its fifth consecutive month of growth. According to data released by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development private construction was at a seasonally adjusted rate of $917.3 billion for the month of February with $484.7 billion on residential construction. This is a 1.8% increase above the residential construction spending in January and up 6.4% from the same period one year earlier. This is the highest level since August 2007.
Multifamily construction spending also continued record breaking growth with a 2% increase to $64.5 billion over January 2017 and a 10.7% increase over February 2016. Single family construction spending also improved by 1.2%, continuing steady growth since October of 2016.
