Currently Reading

Increases in Private Residential Spending Reflects Strong Growth

Advertisement
Construction

Increases in Private Residential Spending Reflects Strong Growth


January 5, 2021
Stick frame construction
Photo: trongnguyen

Both strong spending on single-family construction and home improvements helped to increase total private residential construction spending in November, says the National Association of Home Builders. In November, total spending increased 2.7% to a seasonally adjusted annual rate of $658.1 billion, according to NAHB’s analysis of Census Construction Spending data. Compared to November 2019, that’s a 16.1% increase. More specifically, single-family construction spending jumped 5.1% in November and remodeling spending saw lesser growth with a 0.2% increase. Increased spending reflects strong builder confidence and readings of single-family housing starts, says NAHB.

Meanwhile, multifamily construction spending stayed flat after reaching a record high in October, and was 15.8% higher since a year ago.

The NAHB construction spending index, which is shown in the graph below (the base is January 2000), illustrates the solid growth in single-family construction and home improvement from the second half of 2019 to February 2020, before the COVID-19 hit the U.S. economy, and the quick rebounds since July 2020. New multifamily construction spending has picked up the pace after a slowdown from the second half of 2019.

Read More

 

Related Stories

Affordability

Building This Type of Housing Could Solve the Housing Shortage

The National Association of Home Builders suggests two to four unit multifamily housing to be a fit solution for the housing shortage. Such…

Built for Rent

Texas Builder and Developer Team Up for Single-Family Rental Neighborhoods

Houston-based builder David Weekley Homes and developer ECM Development plan to construct three communities and hundreds of single-family rental…

Construction

New-Home Construction Reaches Highest Level Since 2006

New-home construction starts and permits reached the highest level since 2006 in December, according to MarketWatch. Builders began construction…

Advertisement
Advertisement

More in Category




Advertisement
Advertisement

Create an account

By creating an account, you agree to Pro Builder's terms of service and privacy policy.


Daily Feed Newsletter

Get Pro Builder in your inbox

Each day, Pro Builder's editors assemble the latest breaking industry news, hottest trends, and most relevant research, delivered to your inbox.

Save the stories you care about

Lorem ipsum dolor sit amet lorem ipsum dolor sit amet lorem ipsum dolor sit amet.

The bookmark icon allows you to save any story to your account to read it later
Tap it once to save, and tap it again to unsave

It looks like you’re using an ad-blocker!

Pro Builder is an advertisting supported site and we noticed you have ad-blocking enabled in your browser. There are two ways you can keep reading:

Disable your ad-blocker
Disable now
Subscribe to Pro Builder
Subscribe
Already a member? Sign in
Become a Member

Subscribe to Pro Builder for unlimited access

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.