Multifamily construction spending reached a seasonally adjusted annual rate of $62.1 billion in September.The figure was up 2 percent above the revised August estimates, and is yet another all-time high in the category.
NAHB Eye on Housing reviewed new Census Construction Spending data, which found that total private residential construction spending increased 0.5 percent in September to a seasonally adjusted annual rate of $459.5 billion. Single-family construction spending was $236.6 billion.
Single-family spending slipped down by 2.9% over a year ago. Multifamily spending, however, was 9.1% higher since September 2015. Spending on home improvements increased by 4.0% on a year-over-year basis.