Residential Construction Spending Increased 18.3% in 2013

Total private residential construction spending increased in December for the second consecutive month to a seasonally adjusted annual rate of $352.6 billion according to Census estimates. The current reading is a 2.6% increase above the revised November figures and 18.3% higher than one year ago.

Single-family spending registered a healthy increase of 3.4% for the month, while the multifamily category saw a more modest increase of 0.5%. The home improvement category saw an increase of nearly 2.0% for the month.

ConstructionSpendingJanuary

Spending in all categories continued to experience significant improvements from December of last year. On a 3-month moving average basis, single-family construction spending increased by 20.0%, multifamily increased by 34.5%, and remodeling increased by 14.0%.

Although spending continues to improve for all categories, it remains well below their respective peaks. Since market low points, total private residential construction spending is up 54.3%, single-family 99.4%, multifamily 172.5%, and improvement-related spending 29.7%.

The data show significant improvements in residential construction spending for all categories from the prior month and last year. The year-over-year increase in multi-family construction spending was large (34.5%) and is reflective of developers moving to meet an increase in the demand rental units. Rental vacancy is currently at a 12 year low.



Tags: , , ,

0 replies

Trackbacks

  1. Residential Construction Spending Increased 18.3% In 2013 - The Open Door by Lennar
  2. Eye on the Economy: Residential Construction Spending Up 18% in 2013 | Eye on Housing
  3. Residential Construction Spending Up 18% in 2013 | Chelsea News
  4. Eye on the Economy: Residential Construction Spending Up 18% in 2013 | DJR Companies
  5. Builders’ Show, Good Housing News Come to Las Vegas « Cooper Roofing & Solar
  6. Significant Increase in Unfilled Construction Jobs During 2013 | Eye on Housing
  7. Significant Increase in Unfilled Construction Jobs During 2013 | DJR Companies
  8. Construction Sector Share of Gross State Product | Eye on Housing
  9. Construction Sector Share of Gross State Product | DJR Companies
  10. Construction Job Openings Rate at Second Highest Level Since 2007 | Eye on Housing

Leave a Reply

Your email address will not be published. Required fields are marked *