According to Census estimates, total private residential construction spending increased to a seasonally adjusted annual rate of $359.9 billion during January. The current reading is an increase of 1.1% from the revised December estimate and 14.6% higher than one year ago. Total private residential construction spending increased for the third consecutive month.

Single-family spending registered an increase of 2.3% for the month, while the multifamily category saw an increase of 1.0%. The home improvement category saw a slight decrease of 0.4% for the month.

The figures are well below their respective peaks but the data shows significant improvements in residential construction spending for all categories from the recent lows and the prior year. From January 2013, on a 3-month moving average basis, single-family spending increased by 20.6%, multifamily increased by 31.7%, and remodeling increased 9.4%.

Tags: construction spending, economics, housing