Total private residential construction rebounded in November after a slight drop in October. According to Census estimates, total private residential construction spending increased to a seasonally adjusted annual rate of $345.5 billion in November. The current reading is a 1.3% increase from the revised October estimate and 16.6% higher than a year ago.
Single-family spending registered an increase of 1.8% for the month, while the multifamily category saw an increase of 0.9%. The home improvement category saw a healthy increase of 2.2% for the month.
From the start of 2013, on a 3-month moving average basis, single-family spending increased 15.1%, multifamily spending increased 26.6%, and remodeling increased 7.1%.
Since market low points, total private residential construction spending is up 51.2%, single-family 91.7%, multifamily 169.5%, and improvement-related spending 30.0%. The figures are well below their respective peaks but the data show an improvement from October estimates and significant improvements in residential construction spending for all categories from the prior year. In fact, the Census Bureau’s latest release shows that the seasonally adjusted number of homes under construction has now increased for 27 months in a row.