Construction Hotbed: Multifamily Housing Up 38.4%
If your customers are involved in multifamily units, they're likely busy. The latest Census estimate shows significant gains in single-family and multifamily private residential construction spending from one year ago, reports Josh Miller on the National Association of Home Builders "Eye On Housing." Remodeling has dipped slightly, single family has flattened and is softening, while multifamily continues it's skyward trendline.
On a 3-month moving average basis from July 2013, single-family construction spending increased 9.9% and multifamily construction spending increased 38.4%. The current seasonally adjusted annual rate for total private residential construction spending (single-family, multifamily, and home improvements) is $358.1 billion.
Although the home improvement component is down 2.2% from one year ago, the current reading is 1.2% higher than the revised June estimate. In fact, all three categories of residential construction spending increased from the prior month. Single-family spending increased 0.5% and multifamily spending increased 0.2% month-over-month.
Click here for Eye On Housing.
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