Following a 2% increase in October 2023, analysis of Census data by the National Association of Home Builders (NAHB) shows private residential construction spending rose by 1.1% in November for a seasonally adjusted annual pace of $897 billion. Total private residential construction spending is 3.7% higher compared with a year ago, NAHB's Eye On Housing reports.
The monthly increase for total construction spending is attributed to more co single-family and multifamily construction. Spending on single-family construction rose 2.9% in November. It is consistent with the surge in November of single-family starts, since a lack of existing home inventory is boosting new construction. This is the seventh consecutive monthly increase since April 2023. Compared to a year ago, spending on single-family construction is 5.5% higher. Multifamily construction spending inched 0.1% in November, as a large stock of multifamily housing is under construction. Private residential improvement spending dropped 0.8% in November and is 2% lower compared to a year ago.
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